Don't forget the Tech Vault and
Pat's Shim Calculator. Fifth post down.
On my 03 America, the first adjustment was the worst with 7 of the 8 valves being adjusted but I was very picky and set them to the minimum. Usually the middle of the adjustment is the optimum location as Ian stated but I wanted to minimize the valve clatter. Over the years subsequent adjustments were minimal and when I sold the bike at 57,000 kms, the valves hadn't changed in 20,000 kilometres. I spoke to a good Triumph mechanic and asked him if the valve clearance on these bikes usually increased or decreased. He said they increase which goes against what I found in the typical engine world as the valves on most diesel engines tend to tighten up from wear between the valve and seat. I'm guessing the cams wear the cam bearings more that the lobe and valve stems resulting in the increase in clearance. Anyway, do the job and forget about the valves for several years. Have fun.