My ever so slightly more complicated procedure:
1) Take the valve cover off, pull the coil wire
2) Starting at one end, crank the engine until the #1 valve is open, then set the #8 valve.
3) When #2 is opens, set #7, (and subsequently 3/6, 4/5, 5/4, 6/3, 7/2, and 8/1).

This ensures you are setting the clearance with the valve fully closed (i.e. with the lobe 180 deg from the lifter). I usually use .018 or .019 with the engine warm but not hot.

But then again, what do I know. I think my exhaust valves are receding somewhat quickly - I've had to start adjusting them every 3 or 4k miles to keep them from getting to tight - especially the 2 middle ones. It might have something to do with the exuberant use the car gets (a 2.2 liter in a 544 is pretty fun). Either way I forsee valve work in my future. I might get a big valve, ported, reshaped CC, shaved high compression head from those gearheads at KGTrimning.com, perhaps with a better cam (currently running a stock 'D' grind). That oughta perk it up from its current 150-ish HP...