My question is whether there was a problem with the engine before you put it away 3 years ago?
If not I then wonder if you really have a problem or not. A small leak that you can detect by flipping may be completely gone when the engine is running. I would take a look at the valve, and the bottom of the exhaust seat to see if you can really see any thing wrong--like a scratch.
Here is a quote from the booklet "A complete guide to Saito Model 4 strokes" by Graham Rice
"I would not recommend the practice of lapping Valves to improve Valve seal. The removal of all traces of lapping compound from impregnating the bronze Valve seats permanently, is quite difficult." [

]
"Providing the Valve seats are not scratched, Valves will bed down into their bronze seats with running. I have found, simply rotating the Valve head to a new position sometimes works."
Finally about the ring, it will eventually rotate where it wants to be, so I don't think that it matters too much where the gap is located. According to the same booklet, the recommended gap for the 50-80 sized Saito is 0.008". You need this to get lube down to the bottom--but you knew that already.