I am just in the process of assembling my first flathead. I also chose to install the cam and valve train before anything else. I also chose to adjust the lifters on the bench rather than in the block. It seemed to work well but I would do it differently next time. This time, I installed the valve/guide onto the lifter (lifter on the heal of the cam), then took a gap reading with feeler gauges to determine what I had for gap, then remover the valve/guide, pulled the lifter, measured the hight of the lifter with digital callipers, adjusted the lifetree the required amount, again measured with digital callipers, reinstalled and rechecked with feeler gauge. Next time I'm going to make a fixture that holds the lifter and has a pin that goes through the lifter to keep it from turning, set a dial indicator on the top of the lifter, set to zero and adjust until the indicator reads the amount of adjustment required. Piece of cake and more accurate than fiddling with the callipers as I can adjust with the indicator in place instead of adjust, measure, adjust measure adjust measure like the caliber.