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How much material is removed when a lobe goes? Are we talking ten thou (.010) or more like a hundred thou (.100)?
I suspected something wrong with my xe262 so I measured rocker arm total lift, top to bottom using the back edge of rocker arm and the inside head edge. Making sure to use same technique on all rockers. The tolerances of rod and hydraulic lifter setting shouldnt effect much since lifter has to travel the same distance lobe pushes. At least if lobe was .100 gone I should notice.
All of my "lifts" seemed to matched each within about .050 and nothing really stood out but I'm not sure especially if it would only be 0.010.
The lobe will be gone in extreme cases. You will not notice a problem until the cam is lifting so little that you will be able to tell just by watching the rocker movement, or rather lack of, with the valve cover off and turning the engine over with the starter.
Cams are typically case hardened so if you have a genuine .050 wear situation you will soon have no lobe. I would get a dial indicator on a pushrod and get an accurate check zeroing out on the cam base circle before I conclude a bad lobe