Hi Steve, bent valves are a possibility although it did run and drive reasonably well with the timing out and no nasty noises.
My concern is why the timing has been adjusted at all? At 54000 miles I suspect it's not timing chain wear. I was worried that maybe the car has been into deep water and had a new head that perhaps is incorrect. There was a significant amount of rust on the cams in places too. I wish I'd never seen this car tbh. I hate sorting out other people's messes.
Shaun.