Pretty hard to describe without CAD and I'm CAD illiterate!
Bear with me.. note I am generalising a bit here..
Cam lift:
If you look at a cam lobe with the pointy bit (`nose') at the top, it is taller than it is wide. The difference in measurement is cam lift. Multiply that by the rocker ratio (1.25 approx) you get valve lift.
Duration:
The time (in degrees) that the valve is open. Measured from where the tapered bits on each side (flanks) meet the round bit at the bottom (base circle) and *2 because it's measured in crank degrees. Varies from around 240* (stocko) to 300* approx for a race grind. Grinds that are good for street use are usually around 260-280* or so.
With me so far??
OK..
when they regrind a cam, they get more lift and duration by leaving the top of the nose pretty much alone, but grinding the base circle smaller, and altering the shape of the flanks and the nose. It's not as simple as it looks- the cam shape must give smooth acceleration and deceleration to the lifter, while getting as much valve lift at different points as possible. If the nose is too small the cam will wear `rather quickly'..
Vizard's yellow book is pretty good re what works and what doesn't.

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DrMini- 1970 wasaMatic 1360, Mk1S crank, 86.6HP (ATW) =~125 @ crank, 45 Dellorto (38 chokes), RE282 sprint cam, 1.5 rockers, 11.0:1 C/R.
