114° is good for lobe separation on a street engine...
The larger the lobe separation, the less overlap and more cylinder pressure (good for lower compression engines)... Lower lobe separation (110°, 108° etc) gives more overlap and less cylinder pressure (good for higher compression or high RPM engines)....
Lobe separation is how many degrees between max intake and max exhaust lobe lifts.... Or how many degrees between intake lobe center line and exhaust lobe center line...
Lobe separation directly affects overlap... If they don't specify overlap, you can calculate it using both lobe center lines, or using intake center line and lobe separation..