......... I an not sure when lead was first put in petrol but I think that the original 500 engines would have been designed to run on unleaded spirit. ,......
Tetraethyl lead was first put in petrol /gasoline in the 1920s. It's main feature was to increase the octane rating of the crap fuel as cars increased compression, thus reducing engine knock or pinking. The lead coating of valves and seats was a helpful bi-product and helped reduce the build up of heat which was obviously transferred from one to the other. It also helped valve seats in vintage cars (valves lapped straight into the cast iron) that had previously needed valve grinds, perhaps every couple of months ?
The 500s and 126s have alloy heads so naturally have hardened insert seats, so should not need lead although they are only air cooled and this may have a risk factor ? but so do VWs and millions of motorbikes and industrial engines !
Then there IS that statement in the hand book - insurance on the part of Fiat ? You cannot buy leaded fuel in this country (30+ yrs now), other than Avgas or racing fuel, so I add 'Chiron VP Plus' and I THINK it SOUNDS quieter running ?