Unfortunately I don't have a great answer for all of that. It depends on the extent of the water spots, how much water has dried on the polished parts and how many times it see's bad weather in between a coat of polish. Cleaner wax can be used for light upkeep as well and will help prevent water spots, just the same as it does on painted surfaces. Most polishing compounds work in the same way though, which is why I hit mine with a little polish from time to time.
For what it's worth... Everytime I wash my car I run it down the road to blow most of the water off. Because I have a cowl hood some of the water gets sucked back into the engine bay where it instantly dries on the warm intake. This leaves water spots, but after the intake has had time to cool I go over it with some mothers billet polish (probably takes me about 30-60seconds) and looks fine. I guess I do this more than I was thinking... but never spend much time on it. Hope that helps.
Not sure on the eaton motors, I don't pay as much attention to the 4-valves. Pretty sure my buddy polished his crossover tube, it is soldererd or something though and has what looks like bronze or copper colored "welds" in it. Hard to explain, but it does look pretty good, not sure on the upkeep required on it though.
Also something to keep in mind (I'm sure I've mentioned this somewhere in here) but not all metals are created equal, some will maintain their finish much better than others. Some (ie. pot-metals) will tarnish/oxidize in no time. For whatever reason a lot of the valve covers out there will not keep a polished finish very well probably due to other metals, cheaper metals mixed in with them to lower their cost. Obviously something like stainless steel or pure billet aluminum will give the best longest lasting results in comparison, these are also more expensive materials. Might have gotten a little off track with all that, but again, hopefully something in there helps ya out.