The way I see it, he is the twelfth incarnation, that spun from the Doctor via the cut hand and with help by Donna's personality. That he was between Tennant and Smith could mean that the Anthony Ainley Master had met both or, indeed, the Meta-Crisis Doctor from Pete's World.It's because the Valeyard was stated to be from "somewhere between" his "twelfth and final incarnations." The Meta-Crisis Doctor precedes his twelfth incarnation.Why would it be impossible for the Meta-Crisis Doctor to turn/become the Valeyard? The amalgamation thing would best fit that regeneration, after all, since he's not part of the "main" Doctor line, but an offshoot of him "born" out of his cut hand.
Is it because he's a human?
And either way, how else can the Valeyard come to exist? If anything, the Meta-Crisis was born in battle and did commit mass murder with the Daleks and, presumably, Davros.