A compression check would be reasonable to perform before disassembly, and would show low compression if an intake lobe is worn, but normal compression is quite possible with a worn exhaust lobe. Also, with a worn exhaust lobe, the compression gauge sometimes will show an extra pressure pulse during the first couple of crankshaft turns of the test- although that occurance is not entirely predictable. Worn lobes would cause tappet noise with solid lifters, and wouldn't explain the worsening noise as the engine warms up. I wouldn't argue against a compression check before disassembly- all information is helpful in this case, but the description of the noise seems to indicate something other than camshaft trouble- to my mind...

Harvester