A leak-down test will help determine whether closed valves are leaking due to imperfect interface with seat or insufficient clearance or some other reason.
With insufficient clearance, idle performance often worsens as the engine attains normal operating temperature. For instance, the cold engine might start and idle okay, but then idle poorly or refuse to idle when warm.
A burnt or cracked or bent valve may leak regardless of correct clearance.
When an intake valve fails to fully seal when closed, the combustion that partially escapes through the supposedly closed valve may appear as backfire through the carb.
A leak-down test injects air pressure through the spark plug hole to pressurize the combustion chamber.
Can perform a poor-man's leak-down test by introducing compressed air into a spark plug hole and listening to where it escapes from the combustion clamber. This may be done at TDC or any other cam positions where both valves are fully closed. Top dead center (TDC) is when the piston is at its highest position. An easy way to tell TDC is by alignment of the T mark with the case mark when viewed through the timing window.
May introduce a spurt of compressed air by using a rubber cone-tip blow gun (rubber air nozzle) held into the spark plug hole. And of course keep holding it in position to keep air from coming back out the spark plug hole while listening for escaping air at other places. The air compressor should not be running while listening because the noise will likely drown out any sound of escaping air. Or just use a portable compressed air tank.
Air heard escaping from exhaust port indicates exhaust valve not fully closing (perhaps too tight clearance or damaged valve or valve seat).
Air heard escaping from carb intake indicates intake valve not fully closing (perhaps too tight clearance or damaged valve or valve seat).
Air heard escaping from crankcase breather indicates loss of compression past rings into crankcase (perhaps worn piston rings or cylinders).
Air heard escaping from head gasket area indicates loss of compression past head gasket (perhaps due to a blown head gasket).
A leaking valve may sometimes be resolved by adjusting the clearance to within specs.
A leaking head gasket may sometimes be resolved by torquing the head fasteners when the engine is stone cold (such as after sitting overnight).
Good Fortune!