I wouldn't say it does nothing. If you have the drilled bolt in place, it does dribble oil down the oil pointer and onto the chain, so it does supply a little oil. But you're right for the most part. I would much rather drill a hole through the cam thrust plate and get pressurized oil there. I drilled a 1/16" hole through the oil galley plug in the slant six I just put together. It will blast oil all over the back of the cam gear.
