How did you figure that based on the specs I gave you?
What would you do about the rust?
Lift is height of lobe above base circle (your numbers) X rocker ratio which by the picks appear to be stock with upgraded hardware.
Works the other way around as well to check for lobe wear, example mine are .600 lift with a 1.5 ratio rocker which makes the actual lobe .400 so like you did I could run my dial thru the lifter bores or use a micrometer if it's outside the engine and check for any with a bunch of excess wear. Or find the lift of a mystery cam.
As for the rust if it's just surface id lube it and run it but if it's starting to pit the surface, I'd source another with what I was planning to do with the engine in mind.
I'd also roll it over and look in the bottom end at main and rod bearings before I did anything else.