Nige, was your Medical in Oz or the UK?..I think 20yrs on, the Medical Standard for entry has changed. I'm reading in Threads of entrants being turned away for what in our day, would be classed as a minor ailment.
If they detect a murmur, they defer you straight away - no chance to show them what you can do! You then get sent for an ECG and ultrasound, a report of which gets sent to the military doc for approval.
The leaflet I received said that most cases including leaking valves are acceptable - just depends on each individual case!