(1) It should be legal to trigger Val because the draw cap only prevents you from drawing cards and not from initiating effects that allow you to draw cards. (e.g. Valyrian Steel Link, Parting Blow can still be triggered)
I think this is the statement/misconception that is causing the confusion.
The draw cap acts as a play restriction that must be considered at both initiation and resolution, so you actually cannot trigger a draw effect when you have already reached your draw cap. Most people seem to focus on the application at resolution because of the "if you've drawn 2 cards already this round, you can trigger a 'draw 3' effect and the cap will stop you from getting the second and third cards" example - forgetting that the cap is checked at initiation, too.
This concept isn't all that strange. It's like having to consider the restrictions "cannot be killed" creates both at resolution (where the character simply doesn't die when the effect resolves) and initiation (where the character cannot be targeted to die, and indeed is never in danger of being killed - preventing to possibility of triggering useful, but unnecessary, save effects).
1. If you have already met your draw cap, you cannot trigger a "draw a card" effect because you cannot draw more cards that round. (Which means, btw, that if you know someone who has been triggering Valyrian Steel Link after they have met their draw cap in order to spark off all of the other Response links, they have been playing wrong.)
2. If you have 1 left before meeting your draw cap, the "you can't draw any more cards" restriction passes at the initiation of "draw 2 cards," but it fails at the resolution of drawing card #2.
3. And, as always, if the draw is part of a multiple effect, the draw cap cannot prevent you from triggering the effect for the non-draw part of it.
When Damon says "reveal and draw are a single effect," he is confirming that #3 isn't a factor, saying that you cannot trigger Val's effect for the "reveal" alone once you have reached your draw cap.
All a very long way of saying that once you have reached your draw cap, you really cannot innate Val's ability.