I think people make it harder than it has to be.
Ron, we use the pro wheel pictured above as the larger diameter is going to give you a better resolution for degreeing in a cam. As far as a drive hub, it doesn't have to be super technical, just cut the center large enough so that at least one crank bolt can be tightened. Get the engine to approximate TDC and run screws through the degree wheel into the rubber on an old balancer.
Use a piece of wire and a 10mm bolt to mark TDC on the wheel so that you can make small adjustments after TDC is located with the Dial indicator.
As mentioned above run the piston .010" from TDC and mark wheel on the way up, run it past TDC .010" from TDC and mark it again. In between those is true TDC. If you reverse the engine to find the opposite measurement you will be off a few degrees due to the lash you are taking up in the gears before the camshaft moves. THe engine never runs backwards so that is a bad way to measure.
On the intake mark the degree wheel .010" from max-lift on the opening ramp and on the closing ramp. The exact midpoint between those readings is TDC. For most of our cams we just use intake centerline to verify correct installation.
To measure piston to valve clearance, set valves on cyl. 1 but leave the adjuster nuts loose.
On overlap or TDCE when both valves are open, put a dial indicator on the valve retainer and zero it out at TDC or wherever you desire to take a measurement(usually 5 degrees BTDC, 0 TDC, and 5 degrees ATDC) start to open the valve with the adjuster tightening and stop when you feel the valve hit the piston. (don't tighten it till the adjuster comes out!) Take a reading and this is your true piston to valve clearance at X degrees. It is much easier than using putty or other crazy methods.
Zach