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Flip the plunger in the lifter. That'll simulate a fully pumped up lifter accurately enough. Even if the flipped plunger shows a bit less P-V clearence than what is actually occurring in a running engine, I don't really see how a little more P-V clearance is a bad thing.
Assemble the valve train with a checking spring on the cylinder you are checking, I'd check every cylinder. Determine proper pushrod length and P-V clearance. Don't forget a head gasket.
I prefer a dial indicator over clay. I could never measure the clay very accurately. But, I did check with clay just to see where the valve was closest to the piston.
Trim piston as necessary. I attempted to remove the same amount of material from each piston as to not screw up the balance.
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Jim
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