Alce, you use what's refereed to as the "2 stop" procedure. The 2 stop will work, but I'd never recommend it.
TDC comes around twice per every two crankshaft revolutions. Once at the top of the compression stroke, and once again at the top of the exhaust stroke.
If you're not at TDC C/S (compression stroke) when you begin this procedure, your adjustment will not work.
I'd recommend the 8 stop procedure, of which is very similar, but involves beginning with #1 cylinder TDC C/S, and moves right down the engine firing order 7 more times.
With the 8 stop, you will be adjusting the cam followers (aka lifter or tappet) 2 at a time
ONLY.... both intake and exhaust for that cylinder
ONLY.
If this is a rebuilt engine (new pistons, rings, bearings, camshaft, cam followers, etc) it's best to make this initial cam follower adjustment prior to the intake manifold being installed, and prior to any oil system priming.
This will allow us to see the follower plunger
push rod cup ..............(shown here)
........ and to watch as the cup just begins to move downward within the follower body.
At the point in which the cup just begins to move... zero valve stem/rocker arm lash will have been achieved.
Basically, with a hydraulic camshaft, we're setting/adjusting cam follower plunger depth.... not valves!
There is approximately .100" plunger travel in the SBC hydraulic cam follower.
This GIF file shows a cam follower as it becomes hydraulically active.
[video=youtube;lorANZ1Tptw]http://www.youtube.com/watch?feature=player_embedded&v=lorANZ1Tptw[/video]
Via the rocker arm ratio (1:1.5 for the standard rocker arms), the rocker arm stud thread pitch, and the % of adjustment nut rotation
once ZERO lash has been achieved, the cam follower plunger will become set correctly.... of which will be at approximately 50% of it's travel range.
(we don't want the plunger to near it's lower limit of travel, and to bottom out..... nor do we want the plunger to near the upper limit of it's travel, and to top out)
If you use the 8 stop method, and use it correctly, I doubt that any further adjustment will be required.
However, if you use the 2 stop method, I would highly recommend that you back through these dynamically after this engine is up and running.
Your call.... I'm just tossing this out for you.
.