I always adjust my mechanical cam by setting the exhaust valve when the intake valve is just starting to close and set the intake valve when the exhaust valve is just opening. I normally go by the firing order and bump the starter. As far as adjusting a hydraulic cam, it's not exact science. Once you achieve no lash(You could use a .001-.002 feeler gauge until you feel the right drag) then another 1/4, 1/2 etc... I'd go by your cam manufacturer or engine builder.
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Todd
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