If you have hydraulic lifters, you have to adjust while running - engine warm - 1 1/2 turns after lash is removed (for my model).
I just rebuild my 54-235 w/ hydraulic lifters. To get things going without much ado, I adjusted each valve cold, to the point where the push rod could be rotated by hand. I had a stuck lifter, and trying to adjust the 1 1/2 turn after lash caused my compression to go away on the cylinder with the stuck lifter.
This was good enough for initial running and breaking in the new cam and lifters.
Actually, when I first got my car 20 years ago, my mechanic adjusted for hydraulic lifters (i.e. a gap). After a couple of years, I reground the valves and figured out the correct way. After that, the car ran quieter, but the performance seemed about the same.