I have to comment on the above writeup at
www.speedprint etc.
First to be correct, I think the adjustment for the solid lifters should be done at "UDC" or Upper Dead centre, as marked on the flywheel. The steel ball is not at UDc but it is close to it.
Second: I don't have a manual here for the hydraulics but I am sure that it is more than 1/4 turn and personally I do that with it runnung. I suggest going past where you want it and then backing off to the correct turn count. This is to be sure that the lifter will not jam in the bore.
Third: The 235/261 hydraulic lfters do not click at idle. Also, the engine oil pressure only fills the lifter, and the lift force is created by the reaction of the piston in the lifter bore. The early Poweglide 235s had low pressure oil systems with hydraulic lifters.
Back to the main question: How do I adjust the valves on a cold engine. The answer is to adjust them the same as hot and then recheck when it is hot.