Not sure what I am seeing on this cam

What you seem to have there is a very normal looking OLD CAM SHAFT.
The lobes look fine for a old cam, OTHER THEN THE HOLES.
Look were the lifter doesn't ride on the cam,it has what looks like EVEN BIGGER HOLES, and theres only one word to describe what happened.
WATER DAMAGE.
Thats why the holes on the cam look worn down compared to the holes were the lifter does not hit.
The motor was not used for a long period of time and was left outside or in a high moisture enviroment most likely.
The cam still worked fine (good metal)but has seen better days.
LACK OF MAINTENANCE.VERY DIRTY MOTOR,AND WATER DAMAGE.
GOOD LUCK8)