I have just finished tearing down a "ready to run" 312 that I bought from an estate in Bellingham to put in my Dad's 55 T-Bird.  I am sure glad that I didn't try to just throw it in and run it.  I found #7 piston had siezed at some point.  The piston is scuffed and rings are all siezed in the grooves.  I also found some "loose" main cap bolts.  But the big surprise was the camshaft and bearings.  I expected to find a groove in the center cam journal or maybe a grooved center bearing but I found neither.  The only provision for top end oiling is the center journal of the cam is cross drilled twice.  I prelubed the engine before I tore it down and oil was getting to the rocker shafts. (although one side was getting more oil than the other probaly due to the position of the cam)   I'm not reusing this cam so it won't matter in the long run but I guess you just never know what you'll find. 
I'm just curious if any of you experienced y-block guys have seen this before?
Thanks!

'55 T-Bird
Battle Ground, WA