"There is no way to regrind a stock cam for race specs, at least from my little understanding. You'd have to have the oversized blank to do so."
Think of the regrind as thus...you are changing events, whether it is lift, duration, ramp speed or whatever. You merely decrease the cam circle profile to achieve this. The cams are on a smaller circle than the factory grind. To compensate for this smaller circle, longer pushrods have to be used to get the desired valve lift. Just adding adjustible rocker arms will not correct the new geometry introduced. They are only good for maintaing proper lash in a solid setup or plunger travel in a hydraulic setup.
Rocker Arm Geometry;
http://www.mercurycapri.com/technical/engine/cam/vtg.html
"As for the custom grind that your friend has ordered I remain sceptical. No offend intended but it's hard to believe that a a core of such does exist and that the shop won't like to earn the extra bucks that can climb up to the moon on jobs like that."
Billets can be custom made. The trouble with the MEL is that early production had a lot of cam/valvetrain failure and many subsequent upgrades. Now first, you are going to have to find a cam grinder that is aware of this problem and knows how to circumvent it and finding a manufacturer who will delay production on everyday pieces that are making him money to fool with not just an out of production engine, but one that that was not very popular to begin with.
Small cam grinders may well want to do this type of work, but do they have the technology and expertise of the mega manufacturers?
I Am Presently Looking For Any Factory/Aftermarket Parts/Information Regarding The MEL Engine Series
Also Older FORD Special Service Tools