[Steve Williams]

If you suspect that it is wiping out a lobe, drop the oil and look at it closely. Running the engine further at this point would be a mistake until you can confirm whether or not a wiped out lobe is the culprit. No reason to circulate oil through the rods and mains that may have junk in it and do more damage. If your lash was correct when you checked it (no loose rockers), then you can start looking for a lean condition. Have you looked at the plugs?