Need help degreeing a cam

I degreed in my cam a couple weeks ago and found the intake centerline at 107.5 degrees instead of 110, so I ordered a 2* offset cam key from mr.gasket (987g) to bring it closer to 110 ICL. Since 2* at the cam = 4* at the crank, is this offset cam key bring me to 111.5 ICL or will it move it a true 2 degrees to 109.5 ICL (where I want it to be)? I also have an adjustable crank sprocket with 3 keyways (-4*, straight and +4*), this is why I ordered the 2* offset cam key. I'm kind of confused...

I can always borrow the dial indicator from work but I'm off for 5 days.