I have a 235 w/ hydraulic lifters (1954 car), so I think we have the same basic motor.
The Valves number (from car front) #1 Exhaust, #1 Intake - #2 ... and so forth.
If you DO have the hydraulic lifters, the book says adjust while running. Turn until valve lash is removed, then 1 1/2 turns more. This puts the adjustment about 1/2 way into the lifter travel.
If you have a stuck lifter, this adjustment MIGHT cause the cylinder to loose compression (happened to me recently). In that case, adjust that valve to lash just removed.
When I first had my car, I couldn't find the correct procedure and ran for several years with all valves adjusted to the 'lash just removed'. power was fine, only a little more clicking from the motor.
