Well it's worse than I thought initially, I actually had the valve timing spot on, but when I connected my truck battery to the starter, the compression was still down (125 +/- 2 psi in each cylinder) so I had to consider that I may have bent some valves.....................
I took the Megacycle cam off and replaced it with the stock cam and sprocket just in case I'd really screwed the timing up, and spun the engine again, but no, it was still 125. Crap.
I then took the head off expecting to see some bent valves, but the head looked fine, the valves appeared to be seating ok, I looked into the ports to see if the guides were damaged or the stems were bent, but couldn't see any damage whatsoever? I turned the head upside down and filled the combustion chambers with turpentine (cos it was handy) and none escaped past the valves? Hmmmnnnn..............
I looked at the pistons though, and there was some marks where the inlet valves had been "kissing" them, so there you go. The pistons (stock Honda 2nd oversize) were otherwise ok, so as the bike is booked in for registration in a couple of weeks, I decided to return that engine back to standard.
I cleaned up the old head,(it had been "reconditoned sometime between 1972 and it's last known registration in 1983, but like the pistons and bores, it appears to be in "as new" condition) removed (and later replaced) the RC Engineering studs, and replaced the M3 cam chain tensioner with a good used OEM item.
By the time I came in for the night, I had fitted a new head gasket (good old Ebay, I bought half a dozen a few years ago for a couple of bucks each) and torqued down the cylinder studs.(I'd intended to re-use the OEM items, but a couple were badly rusted, so I decided to refit the RC items, as I've still got a new APE set for my racer engine, plus I like to torque the studs down to 24 ft lbs, it makes for a leak free head.
Tomorrow I'll refit the stock cam and set about reinstalling the engine back in the frame (after I do another cold compression test) and I suppose I should pull the (possibly bent) valves from Mike Rieck's beautiful head. Hopefully they're not bent, but I'm not terribly confidant......................
