I don't think removing valley cover, AKA valve lifter actuator manifold, is going to grant you access to cam lobe inspection. If I remember correctly there are only a few oil drain back holes cast in block that you can peak through. I have seen internal collapsed lifter cause your symptoms and requires head removal to replace lifter. I have also seen lifter roller failure which takes the cam shaft with it. If the cam is gone it's cheaper to replace engine in an AFM situation.
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