E-30 is about right for an early e-88. As far as being a BIG cam-only some mics could show that. That cam could have been reground into a performer. As far feeling power, the butt dyno is decieving and if it's not dialed in right, it's might be worse.
Oil, you don't need to run 20/50w. Will it hurt anything-probably not. 10/40 is plenty good, and synthetic is a plus.
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