After months of generally learning things the hard way, and making very slow progress, we've finally got the engine back in our Z, and gotten it started. After ~30 minutes of idling the initial smoke (header paint) had subsided, and left us with just a bit of oil smoke drifting from the valve cover vent, which isn't currently attached to anything. After we let it run, we pulled off the valve cover to do a hot lash adjustment, and saw this:
My camera skills are lacking, but those two lobes, #4 Intake and #5 Exhaust, look different from the others - quite a lot darker and drier. I should probably mention that we had the cam reground by Delta, and are using OEM rockers resurfaced by same. When we first got the head apart, the lobes, rockers, head, and cam towers in that area all looked over-heated to some degree, and those two lobes looked the worst. We figured that this was due to the rogue spark plug tip conveniently left to rattle around in cylinder #4 by the previous owner.
In any case, after this first 30 minute run, all of the lobes, save the two in the center of the attached picture, looked more or less freshly-machined, with the occasional bit of wear just starting to form, but also uniformly and completely coated in oil (Valvoline VR1,) while the two questionable lobes were dark around the entire surface, and completely dry where they contacted the rocker. When I pulled the valve cover off, there were a few wisps of oil smoke still drifting off them, leading me to believe that they were the source of the smoke observed while running.
I've got two theories as to what the problem is, both of which I'd rather not have to deal with.
A) These two lobes over heated before the rebuild, enough to damage the heat treating. That could cause increased friction with the rocker, heat things up, and boil off the oil.
There are a couple clogs in the oil passage within the cam, reducing or stopping oil supply to those two lobes. I fished around inside the oil ports in the cam with a length of wire, and couldn't decide whether anything was blocked or not. The wire came out with a bit of black gunk on it, which didn't seem to have any smell. We do, by the way, have a decent oil pressure, though the gauge leaves something to be desired in the precision department - I'd guess it was indicating around 60psi.
Hopefully someone out there with a bit more experience can tell that I don't actually need a new cam shaft.