Here's a file I had saved on adjusting the valves, some from me and some from others.
The best preparation you can make for doing a valve adjustment is to find a competent assistant. It is not a 2 man job, but you can get to the valves much quicker with a helper, and time is important as the motor is cooling off pretty quickly.
This is what I do:
Set out the tools you are going to need for the job. I like to remove the two feeler gauges that I am going to be using so that I don't have to fiddle with the whole thing. You can write the size on the gauge with a sharpie to make it easier to see, especially important for you bi-focal wearing old fogies! If you are going to use the FSM procedure for adjusting, open the timing window. Don't take the bolt all the way out! It is impossible to get it back in.
Go for a drive to warm the truck up. Pull the truck into the garage and leave it running. Take note of the Jazz band type rhythm that the valves are making.
Next I get everything loose and ready to pull out of the way of getting the valve cover off. Pull back the clamps on all of the vacuum hoses that will need to be removed. Loosen the clamp that holds the air intake hose to the throttle body. Label the vacuum hoses if you need to. I usually don't need to because my helper is a 3FE'r so there is another truck in the driveway to compare to. Loosen the bolts that hold the valve cover on. Remove the spring that holds the connection to the mass air flow sensor, don't loose the spring. Remove the clamps and big wing nut that hold the air cleaner on. Remove the two bolts that hold the throttle cable to the throttle body and work the bracket up and over the throttle body out of your way.
Once everything is loose shut the truck off. You should now be able to unhook all of the hoses and easily lift the air cleaner off with all the hoses out of the way. You will have to remove the hose to the PCV valve on the back of the valve cover. There are two big hoses towards the front of the engine that I tuck over the engine towards the driver side.
Hook up your bump starter. One end of it clips to the positive battery post and the other is connected to the bottom opening in the cold start injector connection, female side.
You are now ready to adjust the valves. It usually takes me about 3 minutes from the time I shut the truck off to get to the valves. The motor is always still very warm, so I use gloves to do the adjusting.
You can follow the FSM from here, or use Steve's method. If you follow the FSM you will need to rotate the motor with the bump start until you are at TDC. The front two valves should be closed, which will mean the driver side of the valve is up, leaving a gap. That gap is what you measure. To adjust it you loosen the nut on the other side, and turn the screw that is right above the nut. I find that I need to adjust it to the point that it is a little loose, then lock it down by tightening the lock nut which will tighten the valve clearance a little. Once you have adjusted all of the ones that the FSM says to do, you can rotate the motor one turn and find TDC again then do the others. There is a diagram in the FSM for which ones to do.
My valve cover gasket was still in good condition, so I re used it. I recommend having one on hand in case yours is torn or something. A little RTV in each corner of the cover will hold the gasket on while you set it down on the engine. Now it's time to put everything back together and see if you quieted the rhythm. Before I did mine I couldn't hear the injectors over the valves, now they are very audible. When you can't figure out where a specific vacuum hose goes just post to the 3FE list and get the answer.
I did mine last night and the entire procedure from start to finish took just over one hour. This is a 2 banana mechanic job IMO. A great first project for new cruiser heads. Not much you can screw up, just take your time.
