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From: At my Bar drinking and wrenching in Lafayette Colorado
The cam manufacturers specify what rocker arm ratio the rated valve lift is at. The cam card, and the spec sheet, will state, "valve lift with 1.5 rocker" in the case of small block Gen 1 Chevys, or "valve lift with 1.7 rocker" in the case of a big block. If you change from a 1.5 rocker to a 1.6 rocker, you simply take the lift with 1.5 rocker, divide by 1.5, and then multiply by 1.6.
To get the actual lift of the lobe only, take the valve lift and divide by the rocker arm ratio.
Using your 490 lift example:
490 divided by std rocker ratio of 1.5 = .327 inches. That is the lobe height above the cam circle.
Once you know your lobe height, usually provided by the cam company you can play around with different rocker ratios and get different results.
.Again, 327 lobe X 1.5 rockers = 490 valve lift.
However, .327 lobe X 1.6 rockers = you now have a 523 valve lift, and so on.