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Everything in an engine that is moving consumes energy. You want the lowest valve spring pressures that will keep the valve train following the cam profile and avoid valve float. Flatheads don't require near the spring pressure of an OHV engine to accomplish that. And if you did float a valve it is not much of an issue.
Most of the metals used in early Fords are of high quality. I don't know anything specific about the material used in Ford cams vs modern cams, but would assume the early Ford cast cams would have been of high quality. Some flathead cams were steel, not cast and favored for some high performance applications.
Pete here on the Barn is a cam expert, he might have an input.