A Power Stone thread? In this economy?
Anyway, don't know which character you play, but the universal tips i have for Valgas are:
Divekick ftw. Divekicks are broken in this game. An opponent hit by a divekick will instantly drop a power stone if it has one. But you can't just throw it. If you use it while he's neutral, he tends to counter with a grab. Instead, back away from him and wait till he comes at you. Usually he'll either start a combo, try a divekick or grab. React accordingly. If you see him running to grab an item, it's usually safe to retaliate as he tends to focus more on the item than you. Your goal here should be to back away from him and wait for the stones to spawn. If you see him coming at you, counter with a divekick/grab. Going for combos is risky without being transformed. Ideally you want to keep an eye out and get the stones before him, so keep close attention to when they're going to spawn. But obviously sooner or later he might get one, if it happens it's safer to try and knock it away from him with an item or divekick.
If he transforms though, he tends to spam his energy ball move, which you can dodge by jumping at the correct time in the right positioning. Wait until the spheres start going at your direction and jump. You need to be at a medium distance from him. Don't get too close or he might grab you.
You need to kinda play it cheap, because he's cheap himself, lol. I only go for combos on him while transformed, it's not worth it otherwhile. Most of the time he'll either dodge or grab you.
Final Valgas though, with the right approach i think it's an easier time. Keep moving because he's gonna throw a LOT of projectiles. There's actually a quite distinct sound cue that plays when he starts his projectiles; as soon as you hear it run away from him and jump to dodge. Here you're basically waiting for the stones to spawn. You can throw the debris around at him while you wait or even risk grabbing an item. Note that you don't need to pick the debris up, if you simply punch it it will be pushed in the direction you punched it into, so simply aim at him and punch it, it does some nice damage. Grabbing items are riskier because you need to have really good timing: as soon as you finish dodging his projectiles, but it needs to be really quick since he loves to do them back to back. If you wanna play it safe you can just keep running around in circles ocasionally pushing debris at him while you wait for the stones to spawn. Once you get all the stones you want to use your most damaging special on him asap. Usually it's the one that does the higher number of hits. It's gonna do a huge chunk of damage since there's no knockback/hitstun for Final Valgas.
Aaaaaand i think that's about it. I might have forgotten something since it's been a while since i last did an arcade run. I beat the Dreamcast version on the highest difficulty with all the characters with no continues. The slower ones were the ones that suffered the most against Valgas. It's really hard to dodge his projectiles with them.
Anyway, as you can probably tell, i like this game just a little bit (lol). Wang Tang will always be my favorite.