That VF you're referring to is the '83-'85 VF750 motor only. the 500 and 1000 were not affected by the low rpm oil sling issue (fixed with an aftermarket oil sender to the heads). I know because I have one. My dad even bought a '86 VFR(first year of 'r') motor with electrics to do a swap. Instead we spent $400 on some new cams from Australia that don't delaminate.
You're right, James.
Based the mileage versus maintenance reports of the 919 in this thread, the 1st gen Interceptors were relatively unreliable. I had a new 500 back then and it was great, but I sold it at about 25,000km. It's when the mileage accumulates that all sizes of the first gen begin to have problems, almost all valvetrain related.
The 500 has under-engineered valve springs (which are NLA to make matters worse). As they fatigue, valve float at high RPM becomes a problem and results in valve-piston collisions and subsequent failure. This is very common and why the general recommendation was to keep the revs down below 10k or so and replace the springs every 12k (SOL for that now). The 500 was also somewhat prone to hydrolock due to petcock and float valve issues. I have seen two 500's bend a crank in Ottawa alone in recent years. One could blame these on maintenance issues, I guess.
The 700/750 had excessive cam wear issues as did the 1000, but the 700/750seems to be worse. The David Dodge or similar top-end oil kit that you mentioned helps reduce the wear, but Honda had admitted that the cams on all the V4's were not sufficiently hardened or engineered for optimum lubrication. This was corrected in the later versions after the initial release with improved hardening and new oil ports in the cams if I remember correctly.
Incidently, for my 500 project last year I had two motors to work with, one with 16k miles and another with 25k miles. All cams showed wear that I would consider excessive.
I still love the 1st generation Interceptors and I would probably own another (as a second bike!). They were a unique machine. Unfortunately, they were not fully up to the high Honda standard for long term reliability.