I recently bought one of the dial indicators that goes into the lifter bore, super great tool. Just as a quick check, when the dots are together that is the overlap period on the camshaft. If you set the engine on true TDC with the dots together, simply look at the lifters and use a small straight edge, if the cam is in at heads up both lifters will be the same height, if it is advanced the intake lifter will be slightly higher, and if the cam is retarded the exhaust lifter will be higher. Not saying you don't need a degree wheel, but it is a quick visual check to see if you are in the ball park. I often use this when installing, gear drives, timing belts etc. Just to make sure everything is close. A couple times this has shown me gears with dots in the wrong place, and if you are reusing a timing chain, sometimes the markings are a little worn, especially on the bottom gears with multiple keyways.