You can take a more redneck approach that only requires a dial indicator and two solid lifters/pushrod.
Count the flywheel or flexplate teeth. Divide 360 by this number, to give a figure around two-and-a-bit. What this means, is that per one tooth and one valley, is that many degrees. It's enough space that you can eyeball fractional amounts of it, down to a single degree or less.
Set the motor up sideways on a bench, with 6" blocks of wood supporting the bottom rails. Mount the flywheel, and turn the motor over to near TDC but not quite there. Use Liquid Paper to mark a tooth on the flywheel somewhere easy to eyeball square-on. Make a light "match mark" with thin pencil or felt-tip, on the bellhousing mating flange. Set your dial indicator on the piston tip and turn the motor past TDC until the reading is replicated. Make another match-mark on the block. Halfway between these two is your TDC reference. Rotate the motor to this point.
Now drop the solid lifters into their bores with a little moly grease on the bottoms, and set up your dial indicator so that the exhaust pushrod thrusts squarely into it. Rocking the flywheel gently will reveal whether it's TDC compression or exhaust stroke. You want the former.
As the flywheel is now rotated, watch the dial indicator. It will travel lightly up and down, but when you notice 50 thou of genuine lift, stop and mark the flywheel opposite your TDC mark on the block. Keep turning the flywheel until you get to TDC again. Stop, and write down the lift measured in thou. Now resume turning until the lift is a mere 50 thou again, and mark the flywheel.
Counting the shorter way to the TDC mark on your flywheel from these 50 thou marks, will give you a tooth count. Multiply this by your degrees-per-tooth figure. Now you have the degrees noted at 50 thou of exhaust opening, and degrees noted at 50 thou of exhaust closing. You also have the exhaust valve lift at TDC.
Do the same but on the intake lifter/pushrod, and note the corresponding three figures.
Now compare both to the cam card. Work out whether the events are happening before they should, or after they should. If they're too soon, the cam is advanced.
Should you change the cam degreeing - whether with an offset key or deluxe timing set, make sure to re-check the numbers. You should also check lift at TDC, as when the cam is dialled correctly it ought to be within about 15 thou of spec.
