Ok here goes benifits of degreeing cams?
Use the intake centerline method. Find absolute TDC. Set the indicator to zero on a lifter and the degree wheel to zero.
Run the tappet to .200 lift. Take a measurement. Keep rotating the engine until the lifter is back at .200 and read the degree wheel again. Add the two together and divide by 2. That's the installed centerline.
EDIT: I should have said put a lifter on the INTAKE lobe. I once again ASSumed when I said intake centerline it would be clear, but after I read my own post I can see where it may not be clear.