Steve B.,
I have some comments on the cheater cam. My engine now has 85.4 hours on the clock (hard for me to believe)and still performs very well. I've noticed no degredation in performance and engine starts well hot or cold. Idle is good, throttle response is excellent. I've noticed no metal in the oil after break in and valve lash is stable and consistent. Oil changes are at 25 hours running Mobil 1 10W-30 synthetic. Oil consumption is very low - I don't add anything between changes. Under normal use, 3600 rpm mowing, I notice no fuel consumption increase over stock. However, pushing it hard at 3900 through heavy grass, it will consume more fuel than a stock K-301. Fuel used is 89 octane with an occasional shot of Marvel Mystery oil. I never hear any signs of audible spark knock or combustion irregularities. I've tried 80/100 low-lead aviation gasoline and, other than the delightful smell, can't notice any performance change.
The only possible down side is that torque under 1800 rpm is less than stock, but I don't work the engine at this speed anyway. There is mechanical valve noise at idle (900 rpm) which is more noticeable than a stock cam. I believe this to be the camshaft "jacking" due to the combination of a more rapid valve event combined with the properties of helical gears, even though the end clearance is to book values. It's not a bad sound and I've kind of gotten to like it.
Putting the cheater cam in an otherwise stock engine would probably not make the most of it's potential. I would recommend a general cleanup of the ports, matching of the carburetor-isolator-inlet port, and maybe .040 off the head. There should be no reason that the K-341 wouldn't respond as well as the K-301, on a percentage performance increase.
With the above mods performed, you will notice a performance increase that you'll be very pleased with.