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Well, the point of maximum pressure is usually reached when the mixture has been burning for some time, which does occur after TDC, but your point is well-taken.
The friction/oil pumping losses are, IMHO, not "closing the barn door after the horses escape". They are ways to very slightly reduce some of the losses in a system of (at best) modest efficiency. Not pointless, exactly, but likely of small enough benefit that you'd never recoup the costs of performing them.
-soD
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