The way I adjust valves is with "the rule of nines" and the go-no-go method.
If the valve lash is supposed to be 0.012" (and the other half of the "nine-sum valve" is wide open), I adjust so that a 0.010" feeler gauge will fit ("go") and a 0.014" feeler gauge will not fit ("no-go). A little loose is always prefered.
Ignition timing can be set statically if the car has points, using an ohm meter or continuity light.
Setting timing according to specs at idle with a strobe is fine for unmodified cars. I prefer to set timing at max advance using a strobe (timing) light. I use 30 degrees of advance at 5000 RPM (it's a pain to set with the engine screaming, but it prevents you from overdoing the advance and toasting pistons).
What I've learned in 40 years of British car ownership is that I don't trust my ears when it comes to setting ignition timing...I've seen lots of "eyeballed" distributors that were set over 15 degrees off (and often, they'll run OK, but will sustain engine damage in the long run)