There are jet valve delete kits available. No need to cut off the jet valve rocker arms during the delete procedure - just unscrew the rocker adjusters and remove them. Do a compression test and see what might be causing #1 to go bad. Don't dismiss the possibility of a cracked head or a blown ring. It may need a visual inspection to verify. Jet valve heads are prone to cracking, so be thorough when removing the head for the jet valve delete. It would be a good idea to source a non jet valve head in the event that your current head is toast.