Having been an avid reader of most of the Celica forums around the web, I have never heard any reports of any normally driven 2ZZ-GE engines dropping exhaust valves. Many owners in the US motorcross their cars and do not seem to have any problems. Certainly under full racing conditions where the engine is being driven at maximum revs for extended periods it is probable that valve problems would be experienced, but other engines in GTP racing also have similar problems related to sustained operation under extreme conditions. Certainly a fair number of engines in the US have been destroyed by over revving due to mis-shifting, but that seems to be only a problem in LHD cars (either that or they can't drive manuals properly). I have yet to hear of a RHD 2ZZ-GE Celica having the same problem.
It would certainly be an interesting conversion to attempt.