I learned to adjust and test brakes from my older brother. He alway adjusted tight and then backed off intil the pads just rubbed. He then would spin the wheel and count the rotation (usually 1/2 to 3/4 rotation) He repeated this for each wheel. (He was a little OCD).
After that was the fun part. We would take the truck out (a 65 chevy panel truck) to a wide road with no cars on it, get going about 25 mph, let go of the wheel and then lockem up.
If it stopped straight (and it always did) he considered it a sucessful test.
I use the modified version...I keep my hands on the wheel.