It won't hurt the engine at all. Thats just an old wives tale, a myth about burnt valves, but you WILL loose torque under 4000 RPM with the open headers. Back pressure is not good, but exhaust needs to be "tuned" to the engine. Too big and you kill air speed inside the pipes which moves your torque curve way up in the RPM range, too small and you choke it up and kill top end HP.
I have tested this many times and my car runs .07 to .10 faster ETs with a full exhaust system than it does with open headers, and I'm talking about a pretty wild 355 engine here. 600 HP, brodix IK200 heads, 249/252@.050" cam, .570"/.579" lift, 3500 stall torque converter, 3.89 gear ratio, peak HP at 7,000 rpm, shift at 7200 rpm. Launch off a two step at 3000-3300 rpm depending on track cond.
My exhaust on this is true dual 3" pipes, 3" X pipe, 3" dynomax ultraflow mufflers. Full lenght exhaust with exits under the rear bumper of my camaro. System probbly weighs 45 lbs
And car still runs right at 1/10th second faster with exhaust, than open headers