It may be. Do you know if it ever ran after the last guy worked on it? There may be more wrong with this engine than just that. Typically what breaks cams is running out of oil.
It may be easier to just put a new motor (or one out of an old car) in instead. I'd bet Mazda gas motors would bolt up.
It would be wise to suspect the valves are bent at this point, too.
Without a known history of the engine, it may be best to find a complete donor motor (long-block) and utilize the old motor's ancillary components (manifolds, injectors, etc).
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