A 37 year old engine with a worn out camshaft? or was there physical damage to the cam from oil pump debris? Can you even get parts
for the thing? If the cam is worn, it's likely the rocker arms aren't in much better shape. I would consider replacing all the wearable parts
, bearings, rings, rocker arms, seals
, maybe even valves if you can get the parts. Make sure to use new head bolts if you take the head off. I agree with previous posters that a complete teardown is in order and if you're going that far you might as well put it back together with new parts. It doesn't take any more time to install a new part than it does an old one, so the difference is only the cost of the part. When you're done you'll have an engine that might go another 37 years.