You can also do it at ambient temperature, just set the lash
.004 tighter for cast iron head and block
.006 tighter for cast iron block and aluminum head
.008 - 0012 tighter for aluminum block and head. Frank
When did the laws of thermodynamics get repealed? Since pushrods and valve stems get LONGER as the engine heats up, I've been ADDING .002" to the cold valve adjustment specs for around 60 years. A hot re-check has always come out just about perfect.
Otto, adding a timing pointer and an accurate mark on the balancer has been done by race engine builders since Ed Iskenderian outlined the "positive stop" method of finding TDC in his book "Top Tuners' Tips" in the early 1950's.
For a ballpark valve adjustment to get an engine up to running temp, get each cylinder to TDC on the compression stroke, gently tighten the valve adjustment screw to eliminate all the clearance, then back the adjuster off 1/4 turn and lock it down. Run the engine up to operating temp and do a final adjustment.
Jerry