I have always set them straight up. The only reason I used a degree wheel on the last cam is because I was taking lots of pics for a build journal and it looks like some sophisticated technical procedure. I found the cam, and or timing set, or the accumulation of tolerances of both parts to be off 2*. Since I had the timing set that enables adjustment + or - , I advanced it 2* to be set right on the 112* (I think that is what is was) on the intake centerline.
There are some "Internet Experts" out there (especially on the "s" board) that claim it must be done to ensure "everything is right" or to make the engine "run right", but ask them, what is the difference if it is off a few degrees, and after they spend hours searching their pile of hot rod magazines, they will only come back with some plagiarized tech jargon about cylinder pressures and valve timing but NO ANSWER to the direct question of: What difference does it make?
It does not make the engine run wrong. It just moves the peak power up or down by something like 25 RPM's per degree - do not recall the exact number, maybe it is 50 RPM's/degree, but unless the cam is way off or is some super tuned full race only set-up, I do not believe it will even be noticeable.
Also note that if one is actually concerned that the cam is ground wrong then why are they checking only one lobe?