To begin with, piston valves present far less drag than do slide valves. One has to imagine boiler steam pressure on the surface of the valve to see the amount of pressure on the valve, hence an indication to the amount of drag presented to the engine and valve gear. For example, lets suppose your slide valve is one square inch at a boiler pressure of 100 psig, then the equivalent pressure (weight?) on the valve is 100 pounds. By comparison, there is no downward steam pressure on a piston valve. The amount of drag, in terms of energy, could be worked out using the coefficient of friction for the valve material and the lubricant between that and the valve surface. This was one of the main reasons for doing away with slide valves as boiler pressures increased.
That said, slide valves are much better at releasing water from the cylinder, as a result of carry over or condensation, than piston valves. Water can be trapped in a cylinder with piston valves resulting disastrous effects to the cylinder and rods. A slide valve, on the other hand, has a tendency to lift when water is pushed to it. The piston and rods will receive a good thumping, but the chances of serious damage are reduced. This is why one should always keep the cylinder cocks open on a piston valve engine until you are sure the cylinder is clear of condensation.
Some slide valve assemblies were designed as balanced valves in an effort to reduce the amount of steam pressure on top of the valve hence reducing the drag and wear factor.
A multi expansion steam engine such as a triple, will have slide valves on the low pressure cylinder. This cylinder operates under very low pressure to a vacuum and because of the greater chance of condensate in the LP, the chances of damage due to condensate build up are greatly reduced.
That's it in a nut shell.
As to lap, the calculations for lap on a piston valve are similar to that on a slide valve. Just remember slide valves are outside admission, most piston valves, but not all, are inside admission. Changes things a bit.
John