OK, since this post I have learned a bit and now know how to ask a question I had from a while back...

The cam was ground to have 4 deg. of advance and I have set the crank and cam gears to be at TDC.

First question, do I still need to go through the process of degreeing the cam?

If the first question is no, does this mean I would be running the engine at 4 degrees of advance when it is all said and done?

 

I would degree the cam just to verify the valve events (IO, IC, EO, EC) as stated on the cam card. I realize that plenty of people just slap a cam in and line up the dots on the gears, but it doesn't take long to set up a dial indicator and degree wheel and check the cam timing.

 

X2.....

 

The piece of metal is an oil baffle. Looks like it is supposed to keep oil slung from the upper sprocket from overwhelming the front seal? Break it off with a hammer and then use a die grinder with a coarse burr to grind it flush / obtain clearance.
I agree with WhiteMax. Install the cam at 0* and check it with a dial indicator to verify the mfg. valve event specs. The offset holes are to give you some tuning room. Generally, later cam timing (retarded) will improve low rpm performance, while advancing the cam will help top end. Think of the gas velocity in the port and runners, and visualise what happens as the gas stream encounters the valve. At high rpm the gases need to get inside sooner before the valve shuts, at low rpm the opposite (rather simplified). Go with the cam grinder's recommendation and you should be OK.