• First of all, you'll need to hold the camshaft in your hands to do the inspection. Peering through the cylinder hole is no way to inspect a part. What if the lobes are good, but the journals are bad ??

• If you see a severe wear pattern, then that may be from using the wrong engine oil. Airheads need SAE rated oil of SF or SG, such as Valvoline VR-1. Or, it could be from running too long between valve adjustments. Airhead valves generally tighten up during service. "Running tight" prohibits the cam follower from getting lubricant between the follower and cam face.

• On normal camshafts and followers I would expect to see wear in-line with the mileage.... which you did not tell us.

• Camshafts can be made 2 ways... hard all the way through, or coated/ plated/ treated to be hard only on the surface. Pitting on a hard shaft is a 'yellow flag' and those holes will simply hold more lubricant; pitting on a coated shaft would be a major 'red flag'. 

• The most critical measure of camshaft wear is to use a micrometer from the "base circle" to the highest point on the lobe. Compare those measurements (which may differ for intake & exhaust) to the specs. All lobes should be within several 10 thousandths of each other. I've seen lobes that look fantastic, only to be 0.008" undersized on 1 lobe. Engine wear doesn't always show up as "ugly". 

Hope this helps.

Thanks.  There are 163K miles on this.  As I have been getting deeper into this, I am resisting the pull to keep tearing in without merit.  

► In hindsight, the first thing to do is put an oil pressure gauge on the bike and ride it until the oil is warmed. Then you should get a realistic picture of the engine's condition from the pressure readings, both at idle and Max pressure. 

► Most of these engines are good for 250K ! Unless you have overwhelming evidence to the contrary, then I'd replace the followers, cam chain, cam chain guide, cam chain tensioner spring, all the seals you can get to, push rod tube seals, and inspect the valve seats.

It would pay dividends to also include...

• Check the oil by-pass plunger in the back of the oil filter cavity. Those springs often break allowing the oil to by-pass the filter.
• Install a deeper engine oil sump pan. If you're happy with the stock pan, then adding an R100 pan will add about 1/2 qt. "Deep sump pans" are almost $200 now, but a takeoff R100 pan is under $40.
• Replace the alternator brushes.
• Inspect the rocker arm needle bearings.
• Repack the starter motor bearings with modern, synthetic molybdenum grease, like you use on the wheel bearings.

Hope this helps.

These engines defy all other air-cooled engines for wear characteristics. If you are accustomed to British or Asian air-cooled engines that need a rebuild every 15-20,000 miles, then forget everything you know. These engines are simply in a class by themselves.... both in rapidity of wear (they don't), and cost to rebuild (needless disassembly "just to see" will put you in the poor house).

All the customary signs (low compression, burning oil, excessive smoke, etc) usually go away completely within the first 500 miles. Get the bike to crank reliably, then go put some miles on it with fresh fuel and a complete oil change.

If it's not covered in this list, then it would be extremely rare that you need to investigate it....
https://www.airheads.org/community/wrenching/new-owner-primer-tips-to-get-your-airhead-back-on-the-road/