914-6 Valve Adjust, 914-6 Valve Adjust Procedure, Hot vs Cold Spec Options

[Movin6]

Valve Adjust Cold vs hot clearance Question / Discussion
A question and a discussion topic.

Finally reassembling my 914-6 after the Dr Evil transaxle rebuild a couple years ago... and all the 'while you're at it things'... New clutch, shifter bushings, painted the original modified muffler, etc. 

Adjusting the valves and talking to my 80 year old cousin and expert old-time chevy small block racer / engine builder. He raises the question about  0.004" being a tight spec (compared to his experience w American, mostly push rod engines) and brings up the point that this gap will likely be smaller when the engine is hot. I assume Dr. Porsche compensates for this? Also that this spec is for a new engine, ours are certainly no longer new, most even if rebuilt, were done some time ago, if not that many miles ago. 

My #1 exaust was tight, it was firing up through the carb. I could not get the .004 gauge into the gap.

I also, stupidly didn't check for proper marks on the flywheel when I had it machined. I replaced shortly after buying the car ~1990 when the starter chewed some teeth after hydralocking. (I installed watershield air cleaner covers after that...) 
So I do not have a "Z1" mark, just a red mark where it is stamped 35. Maybe it is a 911 flywheel? 

So my valve adjust question: Can I simply rotate the cams to where the lobe is 180 degrees away from the valve and measure? (via turning a wheel with the other locked). i.e. do exaust 1-3, then exaust 4-6, lower the car then repeat for intakes. Should not matter that it's not intake and exaust for same cylinder at the same time, right. 

Thanks in advance for the sanity check!