I imagine under high RPMs oil would flick on the bottom of the covers, but at idle oil doesn't really "spray" anywhere. The bottom of any valve cover I have ever seen was normally pretty clean when removed. Obviously it would get oil slung on it, but not so much that you wouldn't be able to see through it.....as long as you use proper oils and change it frequently. I change my oil every time I go to the track, which is about every three months and 1000k miles, it is usually pretty clean. But then again I also use 15w40 diesel oil....lots of cleaners, very tolerant of heat.
My friend has an extra set of covers that he cut the tops off of, so basically it is a normal valve cover with all 4 walls, just no top. He doesn't leave them on there, he swaps his normal ones out when he needs to adjust his rockers. Carb motor, only takes him a few seconds. At idle, no oil splashes over the walls. You figure, it's not like the covers fill up with oil. Oil is pushed up the push rod and streams down the rocker, down to the top of the head. It doesn't gush up or anything, just a nice flow...with the only oil splash being the little bit that gets flicked up with the rocker. It isn't nearly as messy as you would think.