I quizzed my local Pontiac engine guru who has been building race engines since the 60's about the scenario here. He said he has seen a few ponchos break the cam before, but it was "very difficult and rare". The few times he observed it, it was when someone forgot to install the eccentric on the front of the cam, and the cam walked around in the bore and caught another lobes lifter causing an immediate jam, cam failure, and then rod/piston damage due to cam pieces.
Just passing it on...
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