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Just an update. I ended up selling this car to my buddy and keeping the green one mentioned in the first post.
He drove it all summer, didn't put a lot of miles on it and had no problems. The problem is the cam variations are well over spec so I am trying to convince him to get the tensioners attended to.
On the question of IMSB oiling... reread post #9 above and watch the PCA videos on the IMS with Jake Raby and his take on removing the bearing seal.
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Grant
Arctic Silver 2000 Boxster S - bought with a broken engine, back on the road with the engine replaced
Green 2000 Boxster 5-speed and 1978 928 auto
1987 924S 5-speed (Sold) - Blue 2000 Boxster 5 spd (Sold)
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