Yeah no doubt. The stacking of tollerances can put things way off. Granted...Sometimes that shot in the dark can pay off, and sometimes leavin you with junk. An over advanced cam will build a lot of cylinder pressure, ping it's brains out, and run hot. Too retarded is no sweet deal eaither. Also note that the smaller the cam is duration-wise the easier it will be to put it into detonation, and the bigger the cam is duration-wise the narrower the window is before the engine runs like a turd.
The engine Dave is talking about to my recollection was a 509BBC and it was off over 12 degrees. I've seen quite a few in my day off over 8. And the most common problem I see are people using those 3-position gear sets. They think they're advancing or retarding the cam 4 degrees, but the majority of those lower gears mover the CAM 4 degrees which equates to 8 CRANKSHAFT degrees. So if you don't find your baseline, you're doing nothing more than playing Russian Roulette. Now in defence of an aircraft engine, it's tolerancing may be quite a bit better than OEM Automotive, and the aftermarket, so if we were to presume that the cams were all phased properly from the factory, you may have a much better leg to stand on. JMO
Felber