This initial valve lash adjustment was done on a cold engine, I will need to perform it again once the engine is warm.
Compression on a new L24 engine back in 1972 was 185 lb/sq-in. I typically perform a dry compression test on a warm engine, all plugs out, with the choke open and the throttle open. Following the adjustment I'm pretty happy with the results considering its 40 years old!
Interested in what a compression test is? Check out: http://autos.yahoo.com/maintain/repairqa/engine/ques056_1.html