The way i have always done it is to use a dial caliper on the lifter. Do yourself a favor and just get one with a magnetic base...will make things much easier rather than wasting money on the cam degree kits through summit, jegs, etc. They are REALLY cheap on ebay.
Anyway, i just make a pointer for the degree wheel that is bolted onto the balancer and spin it over until its .050" and read the degree its at. Compare to the cam card and go to the closing events. Check again. Then go to the exhaust and double check...should be right on if the intake is right on.
Then just make adjustments from there depending on if its off or not.