So, I'm finally getting this part back together. Have a Web cam, and the modified tensioner.
Further twiddled the tensioner by removing the ratchet and pawl, grinding off the aluminum that isn't needed anymore, drilled holes top and bottom for oil to flow in and air and oil to flow out. Cut a piece of 1/4" rod to fit inside the spring and only allow a little bit of tensioner travel.
Put a window in the cylinder so that I'll be able to see how tight the chain gets when the cylinder is at operating temperature. Figure I'll remove the cap and just push back on the chain and tensioner to see if there is a little slack.
Drilled the cam sprocket. Not much else to poke holes in around there.

Actually, the part that I drilled on the sprocket was not hardened. Did it with one bit.

Talk about patience..

Worked in a bicycle shop in the early 70's. Did lots of drilling. All freehand. None as nice as that. IIRC Stronglight was a French outfit, kind of second tier to the Campagnola stuff.
What is amazing is that those chainrings were probably laid out and drilled by hand (drill press).
Thanks for sharing.

Thanks DBM!
Now all I have to do is get it done!!!!

Here are the stock and modified tensioners. I wiped off some aluminum on the body, and drilled some holes. The arm was extended when I got it. Don't need it now, but if/when I shave the cylinder, I'll need to take up more chain slack.

The 1/4" rod used as a stopper is also a nice touch.  Keeps things centered up.  I like it.  Seems to be a bit more robust than simply inserting a couple of 7mm washers like I did.  Does the action change when the stopper rod is installed?  Seem just as smooth as it was without the rod?  I might steal that idea too.  Keep em comin buddy.  

But hey, all the weight you saved by turning down the aluminum body was returned in spades by installing the steel rod.  Can't you do a titanium rod?  For that matter, you should look into a titanium plunger.

Use of the stock plunger might have some advantage , if rotated 180 degrees, the flat and teeth used for the paw could be used to help lube the plunger and the spring , simply by drilling one hole as far back in the top of the body as possible , allowing the oil to fill that area and also run downhill over the paw teeth which might distribute oil to each side of the plunger . oil in the rear of the body might lube the spring(and the need for the rod) and even help dampen movement . the toothed flat and/or the hole would prevent any chance of hydraulic lock .
   I don't favor adding a rod to the back of the plunger . If it's too short ,it does nothing ,If too long it will cause chain stretch ,until it is too short .  How do you really determine proper length ?  Doesn't the force that the chain places against the guide increase at higher speeds, and decrease at lower speeds?  Allowing for the change in cylinder and head height as the motor comes up to operating temperature  may not be enough . In any event I'd remove the rod and allow the plunger to be free floating .