I triple checked the bottom out, maybe five times. I checked to see if maybe there is a deeper hole than the threaded hole. There's a good 1/2 inch more hole than new bolt. I have thought about this a lot. "Why?" the change?
My best thought: I think the cam gear gradually loosen up on the cam snout as I took things apart over and over. The last time I pulled it off and put it back on the cam gear went on much easier. It wasn't the pin holding up the gear. The pin easily had a 1/32 gap above it. After pulling the gear off and on several times, the new Howard cam snout just smoothed out ever so slightly - and thus, it slid further onto the gear, thus pulling the cam toward the gear and thus providing a little bit more end play. But that's just my imagination.
Everything is new: cam, retainer, spacer, cam bolt and washer, gears (thicker), and chain. The new V.I. gear is 5/8" thick and the old stock cam gear is only 3.8" thick. I've tried to speculate on various reasons why the cam gear was too tight (if that's was truly the source problem). I settled on "everything just needed a little break-in, and little smoothing out.
(edited comment) The old cam bolt - if the old stock .875" cam bolt did not tighten up as well as the new 1.25" bolt, then that could have been the issue. The new bolt would pull the cam toward the gear better, thus providing a tiny bit more play.
I know this doesn't satisfy. And that makes me concerned. Still, at the end of the day there is the necessary cam end play. Sometimes we just take the thing apart and put it back together and it works. Sloppy science, but it happens. Oh, and of course, let's not forget that the newbie builder was on the learning curve.