As promised, more details on yesterday's first start:
With my surgery for tomorrow and giving myself confidence that it would in fact fire up easily after Sunday, I decided to give it a whirl since the weather cooperated.
The car started right up with its guessed calibration. It's definitely too rich, but it wasn't so rich it wouldn't run or blow black smoke. I don't have any idle air control valve (this was intentional in the design) so I found at first that the idle screw was set too low (not surprising) and turned it up. For break-in you want to be between 1500 and 3000 RPMs, so I turned it up to 2000 to start while looking things over.
The cam break-in part didn't exactly go off perfectly, which frankly wasn't a surprise. After about 6-7 minutes the lower radiator hose blew off, and I had to put it back on and refill. But I let the engine cool for a bit first since I didn't want to just pour new water into a hot engine, that's how you break things. The engine had gotten hot enough for me to check the valve lash, which was on the loose side for all of them (better than the tight side!) but not awfully so. Ideal valve lash is 0.012" and I measured 0.013-0.029", with most of them being 0.015-0.018". I now have notes so I can go back and make adjustments and try again.
I then refilled with water and ran it again (a hose blowing off is why I started off with water and not coolant). I'd been running without the valve covers bolted down so I could make sure the valvetrain was operating properly. It was, but I also found that on the driver's side where the breather is, the valve covers are just barely too close and will hit a rocker when down all the way, requiring spacers. So I ordered spacers and gaskets. There was enough oil leaking out without the valve covers bolted down that we got a little flash of flame and decided that was enough. So if you're supposed to do 20-30 minutes for breaking in a cam, we did about 10-15. I'm not sure if it screws things up to break up your cam break-in into sections over multiple days, but I think it'll be fine. And then I'll be able to get the spacers, adjust the valve lash, and try again.
Overall, though, everything seems to be working as I intended. I planned on having the valve lash on the looser side since too tight is worse than too loose, and I knew I would need to adjust it after getting proper hot numbers. Everything was a bit loose there. The timing gears I bought were the "quiet" gears and while they make some noise, it's not super loud. The alternator charges perfectly and was making 14.1V. The gauges all work perfectly. The engine sounds strong, has a strong lopey idle from what I've heard of it, and I'm sure will sound better once I get things dialed in and a proper engine calibration. There was no smoke, no blow-by, the engine makes great compression. One little puff of oil smoke when first started up out of one cylinder, which isn't unexpected. The ignition system seems to be firing perfectly and as far as I can tell the ignition advance is working, although I haven't hooked up a timing light yet to confirm that. I know that the RPM signal is going to the MegaSquirt from the EDIS, and it's being processed correctly, or else the engine wouldn't run, so I'm going to assume that the signal from the MegaSquirt to the EDIS for spark advance is also working correctly.
Initial impressions of the individual throttle body intake are that it's responsive but not uncontrollably so, which is good. Driving it on the road will be the real test of that. I also am not certain if I got all the air burped out of the system (and in fact am pretty sure I didn't). Once the engine got warmer I noticed the coolant temp indication fluctuating between 195 and 180, which makes me think the thermostat would crack open, a rush of water would come through (the electric water pump is on/off and so always running at full capacity) and then close again, but I bet there's some air in there still. Once I gain more confidence in the cooling system I'll switch it over the normal coolant and do a full and proper bleed. I didn't have the HVAC wiring done yet so I couldn't test to see if the heater was blowing hot.
I did drive it back into the garage from outside, and what a great feeling. I can't wait to drive it on the road!
A lot of effort, but the fact that it's all come together as I expected is really, really satisfying.