This guy is selling me this cam, I saw it and noticed little rust spots on some areas. Does this matter??

 

Iwould say no it doesn't mater, as long as there is not heavy rust on the actual rolling surfaces. But I would clean off the rust spots before installing it. Rust is abrasive stuff so you don't want it floating around inside the engine. Be carefull cleaning the actual rolling surfaces; use a kitchen scotch brite or some thing of that sort that won't take off much actual metal.