MAybe so...but that thing does not sound like it's a powerhouse.
True - Coates Engineering 5 liter rotary valve V8 also spun to 14,500 rpm so maybe that is a side bonus - more usable HP
although I did find this :
What do you make of the Coates test, finding that valvetrain drive took 20 lb-ft of torque in an early Ford Escort engine, presumeably (hopefully!) at the engine's peak torque output rpm? I doubt that an early Escort engine produced much more than 100 lb-ft peak torque, which could mean 20% of the piston power going to drive the valves (perhaps less than that, depending on actual torque output and friction losses elsewhere). Of course this is probably at a much higher RPM than any practical steam engine would run at full power, but considering cutoff the steam engine's valve velocity could well be higher even at much lower rpm, thus more hp required for valve drive, perhaps even with uniflow and half the valves/cams (now 10% of power wasted in cam valve drive?).
https://steamautomobile.com:8443/ForuM/read.php?1,1719
so maybe it isn't that much after all ...
.... I was lead to believe otherwise some yrs ago .... it was one of those beer and pretzel what if discussions ...
... and maybe the guy I was talking to was referring to a older 60's Era V-8
someone else I knew in the 1990s wanted to replace cams / valve springs with solenoids