Sounds to me like you're looking for a precise way to know your installation is timed correctly. Seat of the pants works, but experience is needed to trust your judgement.

To check the cam timing, precisely, you only need to remove the top timing cover.

1. Verify the timing mark on the crank pulley is true with TDC by using a socket wrench to position at the zero degree mark on the lower timing cover. Remove the spark plug for #1 cylinder. Insert a soda straw or popsicle stick and feel the top of the piston as you wiggle the crankshaft back and forth around the zero mark to be sure it corresponds to the highest point of the piston travel.

2. With the crank pulley set at TDC (zero) the cam sprocket index mark will be exactly in line with the mark on the sprocket.

As for the I-shaft, I don't know the 700 well enough to know if yours has the distributor in the block or on camshaft, but if it is on the block, that pulley needs to be lined up too. It is possible to check it without removing the bottom cover, but more involved (more step-by-step). Let us know if you need to check that as well.
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Art Benstein near Baltimore

Marriage is a relationship in which one person is always right, and the other is a husband.