A cam is ground and it is done. You cannot change the lobes, you can't start grinding off metal or adding metal (unless you are a genius like Bert Monroe or Clem Johnson). You are at the mercy of the cam grinder when it comes to the keyways on the wheels. Unless you add keyways to the wheels (which I have seen done) or as Tony says, offset you keyway in the cam, you are gonna get certain openings and closings with each keyway in the wheel. In addition to manipulating the wheels you can go up and down a tooth on the wheel, but that is it. And it is not just a matter of cutting in new keyways, you must know where to put them or you are pissing in the wind.
Don't get all up in arms when I say this next part, cause it is not as revolutionary as it seems, but...the opening and closings don't matter. They matter and it is great if you can get them to come in within a degree or two of the suggested ones, but I have seen cams where the openings and closing look RADICALLY different than the card provided. At this point you have to look at the lobe centers.
If you get all the keyways and up and down a key stuff mapped out and you still cannot get the openings and closings that are recommended by the manufacturer's card, then you have to rely on lobe centers. Subtract the opening from the closing and then add 180, then divide by two.
You still have to map out the keyways and teeth to properly degree a set of cams, but if you look at the lobe centers then you will get a lot closer to the manufacturer's spec. Typically if you look at lobe centers, then you will be okay, but the most important part of the cycle is the opening of the intake cam and the closing of the exhaust cam. If these two numbers are as close to the manufacturer's spec as you can get then you will be okay.
I have degreed a BUNCH of cams in ten years of business and only one set of cams I got from Web Cam in Riverside gave me a choice of where I wanted to be on my openings and closings and lobe centers. That is the stock keyways in the wheels could have been "right" in two different positions. You are going to find when you degree your cams that 95% of the time you are gonna get ONE place where you need to be.
Also remember you will want the intake to lead the exhaust that is the intake cam lobe center should be less than or equal to the exhaust cam. Big wide differences between lobe centers are typically for high mid- to higher end power, closer lobe centers are for quicker and torquier motors.
Did we forget anything?