Not legal on a dual overhead cam. OK to use an offset key at the crank, but not at the cam. Someone correct me if I'm wrong. (of course this is stupid thing, any single cam motor doesn't care if the adjustment is made at the top or the bottom. Some dual OH cams get affected different amounts by decking so those should be the ones allowed to restore cam timing at the cam)
But OTOH, if you can restore things to spec (blueprint & balance), why can't you reset the pin on the cam?
It achieves the same goal. Realtive cam (Cam to Cam) timing should not change.. That would be the reason for the offset key. otherwise you would have to setup both cam gears with two offset bushings identical. That sounds alot more complicated and expensive to achieve the same goal as a simple offset key.