I have a stock 1976 TR6 with 45,000 miles
An old South African auto mechanic staying with us for a couple of weeks tackled that job last night (with me learning). I'll check the book when I get home but I believe the clearance is 0.014. You have to set the clearance when the engine is cold (we waited 24 hours).
I'm not sure how others tackle this job, but my visitor (he has been fixing cars all his life and is now 80) and I did the following: (1) removed the spark plugs; (2) removed the distributor cover and rotor; (3) using a screw driver inserted in the alternator fan (ouch) and leaning on the fan belt rotated clockwise (viewed from the front of the engine) until the No. 6 cylinder was at TDC. We confirmed the position by looking at the points "lever" location on the distributor rotor. When it was perfectly on the high point and we replaced the rotor to verify it was pointing at No. 6, confirming the No. 6 piston was at TDC. (4) With TDC on 6, both rockers are at their highest point on both inlet and exhaust valves (i.e. tension off the valve springs) and we loosened the nut and adjusted the gap to 0.010 . (5) We worked through the remaining cylinders in order of firing until all were done, then we rotated through them again to make sure each had the correct clearance. A few had to be adjusted. (6) Replaced the spark plugs.
After completion, we double checked the gap on the points and then proceeded to use a test light to set the timing. With all of that done, we started the engine. What had been a very loud valve train and a lumpy idle with "popping" at the exhaust was about 90% smoothed out and the valve train was considerably quieter. It got even quieter as the engine warmed up.
I've read several articles that comment on the carbs on our cars. Many people (including me) complain about the carbs needing constant adjustment due to poor running. The articles point out that very often poor running problems are a result of clearance, points and ignition timing as opposed to problems with the carbs. In my case that is about 75% true. The engine idle is much improved and I expect the test drive on the road will yield improved power. Having said that, I still have some problems with the carbs but that will be a repair for another day.