To degree the cam, you do the following:
Install a degree wheel on the crank. Find TDC, adjust the degree wheel to zero. If you really take this serious, and you do if you want to degree your cam, finding TDC means setting up a dial indicator on the cylinder block with the head removed, and rotate the crank until the piston is 1" (25 mm) from top on it's way up. Note the reading on the degree wheel. Rotate further until the piston is in the same position on the way down. Note the reading as well. TDC - the REAL TDC is just in the middle between these two readings. (Edited by MD: You can do this without having the head off .) Now compare that to the "T" marks on the ignition advancer. If its correct, you're lucky, if not, correct the mark.
Assemble the top end but leave off the valve cover. Set up a dial indicator on a intake valve, set it to zero with the valve closed. Rotate the crank until the valve is .040" (1 mm) open. Note the reading from the degree wheel (OPEN). Further rotate the crank until it is 1mm from closing. Note the reading at the degree wheel as well (CLOSE). Lobe center for the intake is:
[(OPEN - CLOSE)]/2 + 90
Do the same for the exhaust valve. Lobe center for the exhaust is
[(CLOSE - OPEN)/2 ] + 90
If these values differ from what the cam manufacturer says, adjust the cam sprocket until the LCs match the specs. If you do not have specs from the manufacturer, adjust the cam to be symmetric, i.e. identical lobe centers for intake and exhaust.