Without a doubt you're correct.Smokeys valveless design had more to do with thermodynamics than anything else to make it work
Combustion temp's are limited in part to the "Red-Hot Exhaust Valve" sticking into the mix.
All the hoopla about vaporized fuel is fine, you still have to contend with the ignition temperature @ X/psi compression..
One of the aspects of fully vaporized fuel, is the left over solids that are present in all fossil fuels, this makes for a cleaner burn.
I'm sure everyone here knows that the fuel accounts for the vast majority of oil contamination.
Propane, though less BTU's per lb, when used with a good synthetic oil [not pseudo-synthetic] requires No Oil changes. Provided the air filtration system is clean.
I think Smokey was BS'ing us about his compression ratios as well as some of the other "data" he released.
This, IMHO, was just "smokescreen" for his real breakthrough, no valves.
Imagine the reduction in rotational resistance without all the valvetrain components.