The purpose of this is to get a small spray of oil down on the individual cam lobe. Hmm, has me wondering if these smallblock chev. engines after millions produced now has oiling design problem?? I doubt that, but for some reason they felt necessary to machine this groove in the lifter.
It's just part of an ongoing evolutionary process.
Years ago, before learning how critical it is to keep a lot of oil on the valve springs, it was common to use edge orifice lifters. The oil hole was moved from the waist groove up to the edge, which cut down on the oil to the rocker boxes. It worked a treat, keeping oil in the bottom end.
EDM lifters are available, which have a small hole EDM'ed into the face of the lifter, to provide more oil to the lifter/lobe insterface.
I've seen people machine a small flat down the side of a lifter, to achieve the same end. You really want a whole lot of oil pump to cover this modification up.
So the groove is just another means to skin the same cat.
Look how oil pan design has evolved over the last 25 years. Oil pan manufacturers learned how to control oil within the pan and then moved on to learning how to make power with their designs.
You know, there is a way to eliminate all of your flat tappet wear woes. It's not a cheap solution, but it will put an end to all of it. Can you imagine running a flat tappet combination for a few hundred miles, tearing everything down and not having to worry about keeping the lifters in order, so they go back on the same lobe? Can you imagine building a new engine, with a new flat tappet camshaft, and not having to spend time with a break-in procedure? Can you imagine running a hydraulic lifter at zero lash, rather than trying to juggle pre-load?
One of the best kept secrets in Stock Eliminator are the Schubeck lifters. When Joe introduced his lifters, the Stocker guys were suddenly looking for stock diameter valve springs that would give them 200+ lbs. of seat load. His Roller-X lifters eliminate the problems of pounding needle bearings, because they have no needle bearings. How about a roller lifter that has no roller at all, but uses a radius face, instead?
Joe's hydraulic lifters have a composite face, which eliminates almost all the friction at the lifter/lobe interface. No friction = no wear = no break-in. He machines his lifter bodies to accept a real snap ring, which eliminates nearly all the pump-up problems inherent in hydraulic lifters. And his piston design eliminates nearly all the bleed-off problems you find in a mass-produced lifter.
Sound good? OK, how does $45.00 per lifter sound to you? Are you ready to drop $720.00 on a set of lifters?
And yes, this is Joe Schubeck of Hurst Hairy Olds and Lakewood Industries fame. You'll work hard to find a nicer guy. And you'll work pretty hard to find anyone who can think as fast and as deeply as joe.