Never on a running engine.
For Hydraulic Lifter Camshafts
When the exhaust valve just begins to open on the first cylinder in the firing order, adjust the intake valve by loosening the adjusting nut slightly while spinning the pushrod until you feel lash in the rocker arm. Tighten the adjusting nut until the slack is taken out of the rocker arm and pushrod. Lightly turn the pushrod with your fingers as you tighten the adjusting nut, and you should feel a point where there is a little resistance (this is called Zero Lash). Turn the adjusting nut ½-turn past this point, giving you optimal pre-load for the rocker arm, pushrod and lifter. According to Newman, “you should look for .030-.060 of preload in a typical hydraulic Lifter.” Follow this procedure by carefully adjusting each intake valve according to cylinder firing order.
When all of the intake valves have been set to the proper valve lash, you can adjust the exhaust valves. Utilizing the same procedure as with the intake valves, you need to turn the engine over until the intake pushrod moves all the way up and rotates just past maximum lift. Now the exhaust valve can be adjusted. When all of the intake and exhaust valves have been set with the proper lash, it is common for all the top engine builders to perform a double check by rotating the engine and checking each valve again, starting from the first cylinder in the firing order.
I did it the way Bill describes and had lots of ticking. The above method ensures the cam lobe is 180 out on the valve you are adjusting. It worked like a charm and I have a very nice quiet idle now. I went between 1/2 and 3/4 turn.
