Cam lobe discoloration normal?

I'd be concerned, but not buying a new cam yet.

Take new pics without the flash. It looks to me like the burnished areas are simply reflecting light strangely. The difference in color tone from the original pics to the next are enough that I don't think anything is blued. I think it's the flash and a dark room/garage.

With the intake off, I'd pull the rockers and then pull and inspect each lifter. Namely, the face of the lifter. Observe from a low angle with plenty of backlight, and ensure none are dished or otherwise worn. If the lifters look good, I wouldn't worry. If any lifters are cupped, you'll probably need to pull the cam. That would be my go/no-go.

You can use any number of oils, but stuff made for old flat tappets will be less of a gamble. Penn grade, Lucas, Vr, etc. Mobil had changed multiple times, and everyone had a different opinion on synthetics. I like them, but not until I've got a few hundred miles on the engine (depending on how it was built).