Hey doc,
You are on the right track.
With both pistons at TDC, one cylinder will be at the end of the compression cycle and ready to fire and the other will have just finished the exhaust cycle. The cylinder that is about to fire will have a little free play in the rocker arms (the other cylinder will not) and the clearances can be adjusted. Once that valve pair are done, rotate the crank 360deg (180deg for the distributor) and do the other cylinder.
It is very important that these tolerances are set with the motor dead cold because as it warms up, everything expands a little.
If the tolerances are too tight, as the valve shafts, push rods etc. lengthen with heating, the valves may never close completely and you can certainly burn an exhaust valve (the ex. valves rely on the valve seat to dissipate heat).
On the other hand if the tolerances are a bit loose, the engine sounds a bit 'tappety' which does less harm then if the gap is too small - you lose a bit of power and the rockers wear out a bit quicker.
For a street motor, the camshaft profile should not overly influence the rocker tolerance. If you have a cam with a lot of valve overlap, the tolerances may need to be a bit tighter. In the first instance, I'd use the standard tolerance. It is the same for both valves.
The carby may need inspection and now would be a good time to do it. With the valve cover off, it's easier to remove. All of the downdraft Weber carbies fitted to these cars are quite straighforward and rebuild kits are available at not much cost. Float settings are published in the manuals and are usually included with the kits. The little IMB carbies fitted as standard are not great and I'm told that the DIC is a better unit. My only experience with this is using a Dellorto FZD as a replacement - a much better carby, but rare as hens teeth. Mine came from Sicily and I had to sell one of my children to pay for it
You're right to only do one thing at a time and furthermore, yes, it is only a machine and you will win eventually. Use it as a learning experience and try to maintain a sense of humour throughout
Keep us updated.
Regards,
Chris
PS: Getting a smooth and sustained 7000rpm out of one of these is a great effort. You may have a little valve bounce though as each valve is opening and closing about 60 times a second - OK for a DOHC engine but probably a bit of a limiting factor for a pushrod engine. You may need to beef up the valve springs (at least) if you are going to do this regularly .....