Yes, the uneven wear has made for erroneous adjustments, and possibly a loss of compression, if the poor adjustment is holding a valve or the valves open. That's why I would do as I said above. Find the tight spot, and adjust from there. A loose or tight valve adjustment won't have much effect on the dancing oil cap, in a healthy motor. If the valve guides were whipped out, then that may be the case. That being said, piston rings don't achieve their best seal, unless the motor is running well. So, for the moment, forget the cam wear, and do as best a valve adjustment as you can.