I've read 3-4 degree's (Hi Skip), you don't want too little angle as that will make the driveline wobble and create noise    and too much angle will eventually hurt parts. You do not want to butt the driveline up to the pump's shaft, you want enough "play" to be able to get the driveline away from the flywheel/flexplate without the driveline having so much "play" that it will twist the pump's shaft. IMO

rod, i think youre getting your numbers mixed up.

you zero the intake....your pump driveshaft will then have +4 degree's. you want to put your motor 1 degree off from that. be either -1 or +1 degree.

putting a 4 degree difference between your motor and pump is way too much.

Good advice, also like Rod said don't bottom out the drive line, you want approx 3/16" between the snap ring on the bearing and the drive yoke.   

Thanks guys.  I will be putting it in this weekend and will have plenty of beer for anyone that wants to help.