Nope, you've missed the boat. Stopping the valve lift where the flow flat lines is a common misconception of performance engine design and is a good way to get beaten at the track (or on the street)!
Adding valve time-area for a given duration is always a good thing. These ports don't go that turbulent at high lifts. .480/12mm" lift is NOT a lot for these motors. On a stock L28 valve size, 12mm lift is still choked by curtain area. Lift it past this and you start to get some diffused flow into the chamber and get some added pressure recovery.
Personally I don't run anything under .550" on a street motor and my competition profiles all start at .590".
Practical implications - More power, less of a drop after peak torque, a bit more thought involved with valvetrain setup, need decent valvesprings.
Lift doesn't hugely impact on valve-to-piston issues on overrev - as long as the valvespring is correctly chosen for the cam. That has more to do with timing, closing the exhaust late (lots of lift at tdc) with not enough valve to piston clearance (So big duration with lots of overlap)