Just for the sake of discussion....First, I concur that intake valves are the two in the middle and exhaust are the two at each end of the cylinder head.
Second, valves usually get TIGHT over time with wear as the valve slowly sinks down in it's seat and the stem gets closer to the rocker arm. If the valve adjustment gets too tight, the valves can be held open and loss of compression and burning of the exhaust valves can occur. On some engines a very tight valve will actually allow the piston to contact the valve face because it is held too far off of the seat. This results in major damage that can destroy an engine.
Loose valves could mean that they were improperly adjusted or that someone left the locking (or jam) nuts loose and the adjustment backed off. But know that a loose valve adjustment, while not ideal by any means, is less likely to cause engine damage than a tight adjustment.
So, if they were loose and not tight the valves and engine are likely NOT to have suffered any ill effects.
I don't know if that carburetor has a "limiter cap". If it does, and it comes already installed, then the only adjustments you can make are to ensure that the throttle plate opens completely at full throttle setting and that the idle set screw holds the throttle plate slightly open for a base idle setting. In other words...so it doesn't stall at idle while in gear.
If no limiter cap or, if it comes in the package with instructions to glue it on, then an idle screw setting of 1 1/2 to 2 turns out from fully seated should get you started and you can fine tune after the engine is warmed up.
I hope this gets it done for you.
Good luck and keep us posted.