Hello,
Spark plug colour and condition can be quite tricky to assess.
Valve condition... Valves don't really wear out, what happens is that the 'seat' wears, and so there is not a good gas tight seal. The valve seat is the point of contact between the valve and the cylinder head, and it is through this point that heat is transferred. That's why Aircooled Porsche engines have sodium filled hollow valves.
What tends to wear also is the brass valve guide. these wear oval over time, causing a loss of oil into the cylinder, eventually showing up as a sooty plug, and raised oil consumption. 17 times out of 9 the little oil seal on each valve, (hidden by the valve spring) has disintegrated.
A test: use a compression gauge to check the pressure ganerated by each cylinder, ( anything above 120 psi is ok). If you have one that is significantly lower, redo the test having squirted some engine oil into the cylinder, if the result improves then the problem is in the rings/barrel, if no change then the valve seat may need regrinding.
Frankly, in view of the work required to improve things, and if the bus runs ok, then leave well alone.
Hope this clarifies things a little,
Cordialement,
