Depends on if you are using adjustable or solid lifters. Is your cam new, reground or used?
Used cam and solid lifters= piston travel method
Used cam and adjustable lifters= piston travel method
New or reground cam and adjustable lifters= .010 intake and .012 exhaust. I have seen references of using up to .016 for both the intake and exhaust.
The lobs on the original cams were not indexed too well and there were small differences in the the location of the holes for the wrist pins (piston and rod) and crank journals. That is why you use the travel method with the older parts, to get the valves to all open at the same point on all the cylinders.
If you don't have a copy of the Ford Service Manuel or the MTFCA engine book you might think about getting copies. The major and some minor T parts suppliers should have them in stock.