The simplest method is to rotate the engine until the lobe is up and then check that valve's clearance (between the lobe and the follower rocker).  For the stock cam, the cold clearances are 0.008" intake and 0.010" exhaust.

I have not tried it but that table will save some effort by minimizing the engine rotations.  Per the 1974 Ford manual, number the cam lobes 1 thru 8 front to back.  Rotate the engine until the number 1 lobe is down (valve compressed) then set the #6 clearance at 0.008" (intake) and the #7 clearance at 0.010" (exhaust).  Continue down the table until all valves are adjusted.