Proper cams are surface hardened and will have no wear until that surface is worn through. This is easily apparant. The cam is bad if you can feel its surface.
The proper way to measure a cam would be with a micrometer. The diameter at the lobe minus the diameter across the base circle gives the lift. Proper indexing of the lift is pretty hard to measure. It can be checked by measuring the cam timing with the type dial indicator mentioned above.
Bosch Master, ASE Master, L1
33 years MB technician