The way I figure, if one cam lobe is worn more than the others, there’s no way you can finagle the valve clearances to have that cylindar work just like the others. The nose of the cam probably wears faster than the heel, causing less lift on that valve. So even if you set the clearances so that it opened or closed at the same relative piston position as the other cylinders' valves, the reduction in lift is going to cause that cylinder to have less power than the others.
If the reason for the piston travel method is because of variation in cam indexing and piston pin location from cylinder to cylinder because of machining tolerances back in the day, if you try to compensate to get the valves to open in the same relative piston position, you’re going to end up with some valves with more clearance than others. The tight valves might burn (particularly if they are exhaust valves) and the loose clearance ones will be noisy. Seems like I’d rather have an engine that runs a little rough because the valve timing is a tad off between the cylinders than having valves burn or be noisy.
And Bill, what is that crap in your valve chamber on the first picture- mice nests?