Still thinking there was a problem of some kind with the valves. So I got out the timing disc, dial gauge and workshop manual.
Checked the mark on the crank sprocket (exhaust peak on cylinder 1) and found it to be 109deg BTDC. As in the manual.
The mark on the cam sprocket is linked to the crank by the belt so can vary a little. I found the exhaust peak, open and close all to be off the manual values by varying degrees. But given that one tooth on the cam sprocket is 7.5deg and the actual exhaust peak is about 4 deg, it seems acceptable. The main thing was that the measured duration was 250deg which is within felching distance of the manual's 244deg.
But the inlet was miles out with the open advanced and the close retarded giving a duration of 262deg which is way over the manual's 238deg.
So I guessed that the inlet was open when it shouldn't be and that caused my symptoms. (Or was wishful thinking depending on your point of view).
Ordered an Oem cam for £56. The new cam was much better finished than the ACR one (which I concede doesn't really affect function).
I wanted to get the two cams profiled to prove any difference but hamlins didn't really want to do it and wanted £100 per cam as they'd have to set it up for machining the profile. I guess a specialist camshaft company could do it,but I don't know any so I took the gamble and fitted the Oem cam.
So after fitting, I measured it again and this time was with a couple of degrees of the manual. This seemed acceptable given the limits of my measuring and manufacturing tolerances. The marks on the cam sprocket in the picture below span the width of exhaust peak (about 4deg). Doing the valve timing was a bit of a pain because the middle of the peak was either 3deg retarded or 4deg due to the granularity of the cam teeth (7.5deg). I tried both positions with no obvious differences (would need to get it on a dyno - and that's not going to happen)
Then tried to start it.
Little bit of cranking and it started. And ran on four cylinders (not that well mind). Don't know how it's possible for a cam to be that far out. Hamlins said it can happen but it's very rare. Maybe I'm just lucky.
I'm not going to refit the old cam to prove it so it stays in. The engine ran well enough to pass the mot, although the tester commented that it was spitting back through the intake manifold and was down on power.
So still more work to do.