@Narwhal, I had Blackstone do my last oil analysis after lapping two exhaust valves in my Lycoming O-540. I also had increased iron--it's normally around 45ppm, but was 65ppm after the lapping. I mentioned that I did the lapping when I sent in the sample. My chromium was normal. Here is what the Blackstone folks wrote in my report:
Thanks for letting us know about the low compressions and valve leaks. Iron climbed quite a bit, and that makes sense following the cylinder and valve/guide work. We should find an improvement starting with the next sample.
FWIW, I haven't yet done another oil change since that report.