[blykins]

Different lifters require a different amount of preload. Do you know which lifters you have? If not, I'd shoot for about 1/2 turn and go from there.

As for setting the valves, set the intake when the exhaust valve is starting to open on that cylinder. Set the exhaust when the intake valve is starting to close. This makes sure that the lifter is setting on the heel of the lobe, which may not be possible with any other methods and cams with larger amounts of overlap.