I do use a timing light from cylinder to cylinder after marking the flywheel for a quick check when searching for a poor performance complaint. When using a degree wheel, always align the pointer on the wheel to zero after rotating the engine .015" ATDC. This will take the "slop" out of your reading due to the rod bearing clearance. Then move the dial indicator to the next cylinder and rotate the crankshaft so TDC of the piston is read for that cylinder. Continue to turn the crank the extra .015" and read the pointer on the degree wheel. Should be with in 1 degree of "perfect" (180 degrees for a twin, 120 degrees for a triple.
I bought mine from HPE, but most any automobile speed shop has them. I like a smaller one so it fits on the bench, although trying to use it to degree in a camshaft on a car engine is harder to do than one that's about 2' around.