I dug further into the bike yesterday. I took the right side cover off and the valve/rocker cover.
The crankcase was full of what looked like ovaltine...I presume that was mostly water that had gotten in there while the bike was stored improperly in its past...but who knows. I'll hose things down with solvent at some point to flush out what I can. Or maybe just let it drain real well and fill it up with oil and change it again soon after I get it running.
So...I can't tell if the cam lobes are excessively worn, or if they just had this shape to begin with (It doesn't look like something I'm used to looking at with a V8 auto cam). I'll have to get a photo of that one...I thought I had it but I don't.
Where the cam bearing jornal is in the head, it doesn't look too bad. I don't really know what I'm looking at, but it's certainly not all scored up. So, hopefully it's ok.
I was able to spin the cam one direction by hand with the chain on. It would just skip, skip, skip past the lower cam chain sprocket. This could be completely normal for all I know. I need to find out how the cam chain tensioner works. I think that is probably my problem.
Finally, I found this hole/boss broken out in the right side cover. The large hole is where the kick start shaft comes out the side of this cover. Directly below it there is a spot where a shaft or pin goes in that is broken away. I have no idea what this is for...it is not evident looking at the rest of the parts. I figure this happened before and whatever went there is there no longer.
Thanks for looking,
Clem