I think you guys seem to be making the whole job more confusing that it needs to be. Either don't touch the engine, and put the new cam syncro in exactly as the old one came out, or pull the old one out and the heck with the engine position. Find compression TDC of #1 cylinder, line up the marks at 0 degrees on the timing ring with the black camshaft position sensor. Then install the syncro and make sure that the little tab is in the middle.
For me there was no out of time, and no idiot lights either.
Check out here for some pics and a longer explanation.
http://www.rangerpowersports.com/forum/showthread.php?t=226289&highlight=replacing+cam+sync