Brian,
I can understand your reluctance to try this with the engine in the car. Doing this on the Elan or Europa will be hard with the engine in place as there just isn't a lot of room to work in. I must confess that when I checked the valve timing on my wife's S800 twin cam, the engine was sitting on the bench and that made it pretty easy. Hell, I could sit on a stool and do it.
But, still, you likely have hp just sitting there waiting to be tapped. It's really free, if you ignore the cost of your time. Relying on factory timing marks is, IMHO, just giving up hp. When you have only 105 or so hp, any improvement is likely to be felt.
I recently got my head work completed (smoothing out the valve pockets for better flow) and now I'm prepping for a higher lift intake cam.
So, in order to justify the money spent on the cam, new valve springs, new followers, new cam bearings, and the recently completed head work, I have to degree my cams - one way or the other. I guess I'll just plow ahead and see if the wife can help me. With the Europa - engine in situ - this is a two person job unless you're good with mirrors. (It's hard to read a dial indicator measuring piston or cam follower position when you're under the car turning the crankshaft)
Rick