Alloy is going to be not very good either. One fatigue cycle for every two engine revs.....
The problem with carbon is probably not going to be strength, but stiffness. Think fishing rod! That is why the steel rods can't be thinner, under compression all thin things buckle. But a tube is stiffer than a rod of the same mass, so how about hollow steel rods? The stiffness, if I remember correctly, is proportional to R4-r4, while the mass is proportional to R2-r2 where R is the outer diameter and r the inner, so boring a hole down the middle of a standard piece of rod of half its diameter removes 25% of its mass, and only reduces stiffness (and rotational moment of inertia, not important here as the rods don't spin) by 6.25%. Work out for yourselves how big R has to be to get standard stiffness with r adjusted to get half the mass. But you can't go too far and make the wall thickness too small, like a 3 inch tube made from 1 thou sheet, which would just crumple.
I don't see any other real problem with carbon composite, as long as the ends, which I assume have to be steel, are fitted in a suitable way. That is the fundamental problem with most composites, and I suspect will be why they ultimately fail, provided that they are not rubbing.
But, I would suggest that if you need so much reduction in valve train mass, you should first do all the obvious things like fitting titanium valve collets and spring retainers, and gas flowing the valves properly, which reduces head mass, as well as attending to the rockers as Cooperman has already suggested. Are titanium rockers possible? But then the next logical step is an overhead cam. BMW bike cylinder head conversion....
And there lies an interesting question, if you are going to the trouble and expense of making a completely new head, like the several 7 port and 8 port varieties on the market, why not go all the way and make it overhead cam? Why waste money tackling half the problem? Just curious.....
I will be interested to hear how these rods do perform, after a few tens of thousands of miles.