I had a pretty similar problem on a 31P777-0348-E1 with just under 10 hours on it, but it was only the exhaust lobe; it was worn enough that the valve didn't open at all. When I removed the cam, that lobe looked like it'd been through a machine shop and was smooth enough to the point that it looked like it was intentionally made like that.
The mower shop where I bought the new cam had told me there was a "Run of bad cams," and assured me I shouldn't have the problem again with updated parts. Maybe we'll both have better luck in the future with our engines.
I have about 8 hours on the new cam and the engine still starts easily, so my fingers are crossed hoping for a long life with this new-to-me engine.