This is one of those cases where as soon as you ask the question "out loud" you know the answer (insert hand slapping forehead). I got my Elgin cam through HPH and Rich emailed me to tell me to use Assembly Lube with Moly in it for this. As soon as I posted, I remembered to go through my old emails and find it. I knew there was a reason I had that tube of AL with the parts!
Nope, regular oil doesn't cut it for this. Jake makes a big deal in his video about using what comes with the cam (he just doesn't name it). I don't know the details, but I've heard it over and over that you need to treat the cam special. That's why you lube it with AL and why you run the engine for 20 minutes the first time - to seat the cam followers properly with the cam.