[v8volvo]

As a VE pump gets older, the seals wear a little bit and actual point of injection can get delayed somewhat (or so I've heard). Therefore some people say timing with the dial indicator, unless it's a brand new pump, doesn't always mean perfect accuracy. You might want to time it a little more advanced as the pump ages. That's what I did with my Rabbit.

If you had some way to measure the crankshaft angle where the injectors actually opened, that would be the most accurate. If you timing light can do that you've got something. However, I don't know how you would figure out what reference to use it with. Maybe you could take the trans off and make some marks on the flywheel to use the timing light with? Either way, it would be a hell of a lot of work... I'd just stick with the normal dial gauge and time it to .88 rather than .85 if you are concerned your point-of-injection might be lagging a bit.