Thanks everybody for the replies. When I commented to the previous owner about the cam lobe wear, he said that's why the engine was rebuilt and was surprised by the new wear. I mentioned the missing o-ring in the filter housing and he'd never heard of it, so that's not a good sign. My only hope is that it wasn't driven enough to do a lot of damage (other than the cam lobes) I'll start at the tank and work my way forward and let you know what I find. I've had some shoulder surgery that should be good enough by spring to get going on it. The car is so pretty sitting in the garage, it's killing me not to be able to use it. It's a project, that needs paint, interior and a top, but it's almost rust free and complete down to the tool kit and it was still a lot of fun driving it in that condition.
I'm fascinated by the mechanical fuel injection and it's link to the 300SL and 30s grand prix race cars. I'd like to learn enough about it to get it right, but am torn between spending the money on it or starting over with EFI or a later 3.2 six swap, but I think it be would be much more satisfying to master the mechanical system, though.
Also considering the Porsche Michael J Burgess book.
Joe, I've read about your event for years and would love to bring the car. Maybe next year.