I'll pass on Jim C's prior post:
2F Engine: *Valve Lash: Jim Chenoweth on Valve Adjustment:
Run the engine to operating temperature. Remove air cleaner & valve cover. Torque the valvetrain (22 – 33 ft/lbs). Use a long 3/8 ratchet with a 17MM socket and crack all the adjuster lock nuts loose, (not the adjusters). With the key off, put vehicle in 4th gear, 2-hi. Rock vehicle while watching the timing window on bellhousing. You can easily move the engine in small increments by bumping the weight of the vehicle against it in fourth gear. When the engine gets to the TDC mark (the Line, not the ball) you can adjust half of the valves. Then bump vehicle (forward or backward, doesn't matter) to rotate the crank 360°, back to the TDC mark. Adjust the other valves. The two groups of valves are 1,2,3,5,7,9 and 4,6,8,10,11,12.
Rotate the engine until the No. 1 cyl is at TDC. (The pointer is on the TDC Line and the distributor rotor is lined up with the plug wire for No. 1 cylinder. This can also be determined by watching the valves for No. 6; when one stops coming up and the other one begins to go down.) Adjust valves numbers 1, 2, 3, 5, 7, 9.
Rotate the crankshaft 360°. (The pointer should once again point to the line on the flywheel. The valves for No. 1 will be reversing their travel and the distributor rotor will be pointing at No. 6.) Adjust valves # 4, 6, 8, 10, 11, 12. Reassemble and you're finished.
The valve arrangement is as follows:
1 2 3 4 5 6 7 8 9 10 11 12
E I I E E I I E E I I E.
[Hot or as warm as they can be however fast you can pull the valve cover and tweak them up. J Zepp]
The clearances are: Intake/0.008" Exhaust/0.014"
Check and adjust 1, 5, and 9 with the .014 feeler, then switch to the 0.008 feeler for 2, 3, and 7.
.014
1 5 9
E E E
.008
2 3 7
I I I
Rotate the engine one revolution, so the rotor is pointing to cylinder 6 and check 6, 10, and 11 with the same 0.008 feeler gauge, switching back to the 0.014 feeler one last time to check valves 4, 8, and 12. Saves a little time fumbling for feeler gauges.
.008
6 10 11
I I I
.014
4 8 12
E E E
Sometimes the act of tightening the locking nut on the valve adjuster will cause it to move along the rocker shaft laterally, creating a false tightness. Make sure that the rocker is centered on the rocker shaft after you tighten it.
When you think you're all done, double check all lock nuts for tightness, this will tell you if you forgot to adjust any (Now you know why the FIRST thing you did was break them all loose.) Now you can start the engine (If you can plug all the disconnected vacuum fittings) and listen to how quiet things are, even w/the valve cover removed.
Also, the valve cover gasket occasionally comes loose, and reinstalling with this thing loose and not properly seated will cause some nasty oil leaks, blue smoke from under the hood. Not that I'd know. In my experience the valve cover gasket for a 2F from Toyota is rubber or nylon rubber. When mine came loose, I gave it a visual inspection, then cleaned it and the rim of the valve cover gently with a rag and some brake cleaner. I reassembled it with black RTV (between gasket and cover), put it on the tailgate and let a spare tire sit on it overnight.
While you're doing the valves you might as well check idle and fuel mixture settings on the carb and the distributor points and timing.
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My own tip: I have the two feeler gauges, the .008 and the .014 removed from the pack, connected to each other with a ty-wrap to make the measuring process easier.
Those guys need to read this: