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You can also just look at the valve lift and you'll see when their closed or open. To find out if the cylinder is on the compression stroke, put your thumb over the spark plug hole. Not as perfect as having tools, just an easy and fast way of lashing. If you do it correctly, you're very close anyway for street driving.

We've done the lash on our sprint car & my Cobra hot and cold, and write down the difference. Both ways work and most engine builders set them cold on the dyno.