Page 117 of “How to Rebuild your Small Block Ford” by Tom Monroe explains the procedure clearly and only requires the engine turning to 3 positions.
Try Abe Books for both early and late versions of this book:
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The later version of this book is at Amazon:
http://www.amazon.co.uk/Rebuild-Sm-blk- ... 960&sr=1-2
SBF engine with hydraulic lifters:
Start your adjustments with number 1 cylinder at TDC with both valves closed. (Number 1 cylinder is first on the left as you stand at the front of the car looking towards the rear). I would use a 1/2 turn as opposed to 3/4 of a turn but others may disagree.
The above procedure is for a newly built static engine, just to get it running.
If your engine is already running but just needs fine tuning, then you can use Plan B.
With the engine running, simply adjust the valves by ear. There is no need to set TDC etc. This may be messy with oil spraying about, so you may wish to find some scrap valve covers first. Either cut holes in the tops or just remove the tops completely.
Slacken off the adjusting nut on the first valve gradually until you hear a noise. A piece of rubber tubing acting as a "stethoscope" may be helpful. Then tighten the nut slowly until the noise just disappears. Now tighten the adjuster an extra 1/2 turn. Repeat for the other 15 valves.