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If the alignment is correct (45° from vertical and parallel to the cylinder in both axes) the placement of the bore may still be off.
An error along the crank axis is harmless unless a substantial portion of the tappet face is off the cam lobe. Never heard of it.
An error across the crank axis will not be destructive (unless fairly large), but it will advance or retard the valve operation by changing the point at which the lobe's rotation reaches the tappet. Probably more common than suspected since there are no definitive symptoms except slight bump is the CCP/torque curve. If both banks are wrong in the same direction (block shifts in the fixture), move the cam to correct. Impossible to correct if the error is "handed" (left and right banks are wrong in opposite directions).
If the tappet bore alignment is tilted w/r/t the cylinder axis across the crank axis it will misalign the pushrod, and may not change the event timing points.
The dangerous one is where the tappet bore alignment is tilted w/r/t the cylinder axis front to rear, causing edge contact between the tappet face and lobe. The parts will eat each other, how quickly depends on the magnitude of the error, spring tension, etc. This was a big BBC problem decades ago.


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