A little racing, now and again, is a good thing ... don't you think? But remember - your driving habits will have more to do with it than my opinion.
Cam degreeing is basically verifying that the cam is installed and timed correctly. If you have a variable timing system - such as a gear drive with multiple bolt patterns, or a timing chain set with several key ways - it is a means of verifying that the cam is installed and tuned (timed) correctly. Some timing sets can be used with "offset" keys that allow you to advance or retard the cam in increments of just a degree or two. I'm an advocate of altering cam timing as a means of changing the performance of an engine without investing a lot of money in expensive hardware. For the OHC crowd, I have designed and built a variable timing pulley for the camshaft. Once I get some dyno time, I'll be able to post some real world results with it. Milodon already did one for the V-8. It works GREAT.
For the most part, a timing set with one keyway can only be installed one way, so degreeing a cam on a Pontiac is usually not necessary.
It's not all that hard to do. It just takes a few specialized tools and some spare time. For most street applications, it's nothing to worry about. But, if you have a dial indicator and a degree wheel, you should at least try it to see what it's about. (Also, you need an accurate cam card from the cam grinder.)
Last - but not least - keep in mind that I consider street driving to be your #1 priority. Anything else would be another discussion entirely!
