I'm having a little trouble picturing your setup, but the balancer tool sounds like a good idea. The reason I asked was that it can be sometimes difficult to isolate the degree wheel from the "torque" to turn the crank causing the degree wheel to creep ever so slightly. It is for this reason I like to use a flexible pointer(what would we do before the invention of the wire coat hanger?).

With a flexible pointer its much easier to tweak It, than it is to roll your wheel around once its locked down and still. On aluminum blocks it is a bitch to get a magnetic base to stick. A deck bridge is easier usually but not everyone has one. I think the best(cheapest)solution is to bolt a flat piece of steel so that it is hanging of the deck so that you can get your indicator on#1 piston.

You must do it to get a true zero on your degree wheel because of the amount of dwell around TDC where the piston moves little or not at all. As an example, lets use .025. As you reach .025 before TDC you will probably be around 6 degrees before 0 and as approach .025 after TDC you should be at 6 degrees after 0.

I mention this because I suspect your degree wheel moved on you. Keep at it and you'll get there chop! Sorry to ramble. Let me say one other thing. Despite what all the bed wetters say, there is no harm in double checking your PTV clearance with clay or solder if you question your results and your sure your cam is timed correctly.