by LeWayne Garrison » Thu Apr 06, 2017 4:30 am
First, a reground camshaft usually means the lobes were ground down to remove discrepancies. The actual lift and duration shouldn't change. I've seen it done with no problems, but I'm personally not a fan of it. Find out, if possible, what shop did the camshaft work, and check their reputation. New cams as part of an overhaul "kit" are competitively priced. Lycoming has a service letter concerning it, but remember Lycoming is in the new parts business.
As to the compressions. Those compression readings are very good. Compressions will change every time they are checked. I would have no worries about those readings, especially if the check was done on a cold engine.
The overhaul hours and calendar time have absolutely no bearing on a Part 91 operator. They are suggestions (and not very good ones) at best. Remember Lycoming is in business to sell engines and parts. As noted yourself, these engines sometimes make 3000 hrs between overhauls. The average hours per year between 2000 and 2013 is about 26 hours per year. While low, it is not ridiculously low. Most of the annuals I do now have between 25 and 60 hours yearly. Do keep in mind, however, that engines that make 3000 hrs are usually flown regularly (but not 200 hrs per year).
One thing that concerns me is why the engines were "cracked open" at 350 hours. Unless the current owner was suckered by an unscrupulous A&P there would need to be a reason to tear down two engines. From what you described, I would guesss (and it's only a guess) that one engine "made metal" from a bad camshaft and needed to be torn down. That's why the reground cam. Why the other engine was torn down is a mystery, but may have been an overzealous owner or A&P convinced that because one engine had a problem, the other one would also.
Study the logs carefully and try to read between the lines and ascertain logical explanations for maintenance done. From the small amount you posted, I would not be afraid to pursue this aircraft further.