I looked up the specs for the .690 cam lobes.
Looks like they move the lifters about .004"/degree at around the tdc mark.
I would have installed that cam at 104 and checked my p/v clearance there, and possibly made a slight adjustment to the installed position if it would have solved a p/v clearance issue.

The cam was supposedly in at 122 now, which is 18deg retarded from where I would consider the "normal" installed position. .004 x 18 = .072, x 1.5 rockers = .108.
So, you lost roughly .100" p/v clearance on the exhaust by having the cam in at 122.
I hope you had a lot to spare.