Is this the best way to do it?

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Setting valves is not difficult if you know the shortcut. We use a simple procedure that works on any four-stroke engine. The best way to start is to disconnect the coil (so the engine won't start accidentally), remove both valve covers, and use the starter motor to turn the engine over.

Start at the front of the engine and bump the engine over until the No. 1 exhaust rocker (or the pushrod) starts to move up. This places the No. 1 intake lobe on its base circle so you can set the clearance or preload. Lash must always be set with the cam on its base circle. For hydraulic lifters, adjust the rocker nut until you eliminate all the clearance (lash) between the rocker and the valve. Then tighten the rocker nut an additional half-turn. This will set the preload on the lifter for the intake valve.

Now continue to bump the engine over until the exhaust valve closes and the intake rocker goes past max lift and is approximately halfway down the closing side. This positions the No. 1 exhaust on the base circle and is ready to be set. Now adjust the exhaust rocker the same way you adjusted the intake--tighten to zero lash and then an additional half-turn tighter for a hydraulic lifter.

In short, to adjust the valves, turn the engine over to find the exhaust opening and then set the intake. Then find the intake closing and set the exhaust. Our shorthand for this is exhaust opening/intake closing or EO/IC. This will work on any four-stroke engine regardless of manufacturer, firing order, or any other variable. There may be quicker ways to set the valves, but it doesn't get much easier.
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I found this article on http://www.chevyhiperformance.com in their tech articles section.

cheers!

 

This is a good method for solid lifters using a feeler gauge, but with hydraulics the best way to adjust with the engine assembled is to do it with engine idling. Get some clips on the rockers to stop the oil spraying and back off the rocker until it clicks, then tighten until it just quiets, then give it the 1/4 or 1/2 turn additional. No mistakes this way. On older engines I made a valve cover with a slot down the middle to adjust through, not with center bolt covers though.

 

well my valve covers aren't center bolt, and the block is a newer block (its an L98) so does that mean I can use my old 305 valve covers and cut em out?

that would be easier seeing as that I don't have anything to keep the oil from squirtin me in the eye

 

yes

 

how thin if a slit do I need to cut and where at on the valve cover? we have a plasma torch so it wn't be a problem to cut, I just wanna make sure we do it in the right spot. Thanks again!

 

When are you doing this? I can take a picture of my cover tomorrow evening, if any help.

 

Well preferable tonight when my dad gets home to help.

Thanks!