Yep. Set the left intake tappet to the inspection (not running!) clearance--for 256 motors like yours that's .012". With the plugs removed, rotate the crank CCW (from the left side). When the piston starts to rise into the exhaust stroke, start turning in very small increments, checking for play in the intake tappet; when the tappet gets close to closing use a .001" or .0015" feeler gauge to judge where you are, and rotate just to the point at which the small gauge is a no-go. There's no lift specification for degreeing XS650 OEM cams; valve opening is measured at initial lift, and this gets you close.
Next jam-fit the smallest wall anchor you can find in the hole in the end of your crankshaft and use it to mount a clear plastic protractor from an office supply store. Look through at your timing marks. For your engine, intake opening should occur at 47*BTDC, so your rotor mark should be sitting ~7* to the left of the advance timing mark on your stator.
This isn't an exact procedure, but for your purposes (checking stock installation) it doesn't have to be. Since the cam turns at 1/2 crank speed, 1 tooth error on your 34-tooth cam sprocket yields >21* error at the crank, and this method will put you well within that range.