I degree cams by the lobe center, using the manufacturers supplied cam card as a reference.
TDC piston using the positive stopper method. Install the cam as you described, using your adjustable sprocket from the outset. This will get you close. Zero lash #1 intake. You read your opening and closing numbers at whatever lift figure the card gives you, but using this LC method it won't matter if you used .040" or .050" valve lift as these SOHC cam lobe profiles aren't so extreme. The opening and closing numbers would be slightly different, but THE LOBE CENTER will remain the same.
Intake: Opening # + 180 + Closing #, divide that sum by 2, now subtract the opening #. This will give you the LC figure for the intake and should match the card.
Here is an example I have in front of me, sorry not a SOHC (it's a Chrysler 426) but this shows you how it works with all engines. The numbers will be different but the math is the same.
Bullet Cam card states degree the intake lobe to 112 Lobe Center.
At .050" lift I open at 36* BTDC, rotate 180*, then close at 80.
36 + 180 + 80 = 296.
296 / 2 = 148
148 - 36 = 112 LC
If you play with the opening number, you can see how the LC changes. Your desired LC will determine your opening number.
Found this for an RC 315, it's advertised as a 104LC. The math works the same.
Open 23 + 180 + Close 53
Hope this helps. And yeah those old multi-drilled RC sprockets were 'challenging' to say the least.