I'm gonna figure out how to do a comp test with it on my stand.
Easy enough. Bolt the flexplate and starter to the engine, connect a heavy power cable between the starter solenoid main power input, and battery +; and a heavy ground cable to the engine block and battery -. Make sure the battery is fully charged.
A small-diameter (12--14 gauge) wire is attached to the "S" terminal of the starter solenoid, and run out where you have access to the battery. When you have the compression tester screwed into a cylinder, touch the stripped end of the small wire to the Battery + post to crank the engine.
What does it mean to "degree" the cam?
Making sure the camshaft is in perfect or near-perfect synchronization with the crankshaft--compensating for any machining errors in the crank, timing set, or camshaft. It's usually possible to get within a degree or two of "perfection". Often, within half-a-degree.
There are "degreeing kits" available, and offset keys or offset bushings to make corrections.
The Vortec 350 shortblock I built for my K1500 proved to be "right on" without correction--but not all engines would be.
Flexplate will 100% be replaces since they're like $40 new
I've had bad experiences with "new" flexplates. Specifically, I bought a core short-block that was removed because of a "rod knock", which turned out to be a VERY broken flexplate. When I bought a pair of flexplates from two totally different sources, it was very obvious that the replacement parts were not balanced the same as the original.
I had my machinist friend spin them on his balancer. He had to drill one to lighten the weight, and weld more metal to the other to make it heavy enough. It may be that buying the flexplate as a Genuine GM product is the best option.