If all you want to do is determine the new TDC mark or if it's correct, you don't even need a degree wheel at all.
Just use a piston stop. If the head(s) are off the engine, you can make one with a piece of strap steel or "angle iron" stiff enough that it won't bend. Drill a hole to match two head bolts, and put a hole in the center over the piston. Put a bolt in there with two nuts so you can adjust the height somewhat, like this:
If the heads are on, you can buy or make one. Here's one I made 30 years ago for a smallblock Mopar:
The length on these is not all that critical. You want the piston "down" somewhat as the closer to the top you get, the slower the piston moves compared to the crank, and the less accuracy you get.
Simply wrench the engine around until the piston stops against the device. You may have to adjust the length and again you want the piston "down" some. When the piston stops, make a temporary mark directly below TDC on your timing tab onto the balancer. Use a pencil, and be careful and accurate
Now rotate the engine CCW and make a second mark.
Now you'll have two marks some distance apart, and true TDC will be halfway between. If you have the correct balancer/ timing cover combination, that is where the original will be
You don't even need a degree wheel to degree the balancer. Use a small flexible tape, and measure carefully around the balancer. Use a little math to figure how many "degrees per inch" this amounts to, and mark off 40 and 50 degrees. Use your tape to establish this measurement, and be accurate and careful.
Use a small square and scribe to mark the wheel, and if you need deeper, finish carefully with a small triangular file.
Now use your dividers and measure between the 40 and 50 mark, which is 10 degrees. Mark this off from TDC out to 40, and you can cross check yourself by dividing the 40 in half. The "20" mark you made should be exactly on your 1/2/ 1/2 division.
Now you can divide one of the 10 marks in half with your dividers, and mark the wheel every 5 if you want, and mark it on out to 55 and 60* so that you can check the vacuum advance.
If you are "tricky" you can make the 20 marks all the way across, the 10 marks a little shorter, and the 5 marks about 1/2 way across, so you can figure them easier.
Mark TDC and 35 with paint and you're done.
