I hate to sound like a broken record, but finding the zero lash point and setting pre-load on a hydraulic valve lifter is not rocket science (and does not require the "skilled hands of a surgeon" - as I once read). It's all about compressing the plunger return spring down to a point that is approximately at the midpoint of it's total stroke.
The low point is when the plunger is bottomed out in the cylinder body (and the spring is completely compressed).
The top of the stroke is when the cup is hard up against the underside of the circlip.
A diagram of the internals:
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And the parts laid out on the bench:
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From someone smarter than me:
Every hydraulic unit of any type in an internal combustion engine has the same optimum operating range; the center third of its total travel. So if you have a flat hydraulic lifter that typically will have .210" travel your optimum operating range is .070"-.140" (.210/3=.070). However if you have a HLC with a travel range of .045" your optimum operating range is .015"-.030".
The plunger in a standard General Motors hydraulic valve lifter has a total travel limit of about 5/32" (.160").
Images of me measuring the total stroke of a stock lifter with one hand - try not to laugh.
Depth with plunger bottomed out = 8/32"
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Depth with plunger pressed up against the circlip by the return spring = 3/32":
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So, shooting for halfway between the top and bottom of a .0160" inch stroke, the plunger would have to be depressed about .0080".
Someone, at some point, researched the threads per inch dimension of the rocker studs. After getting that number they did a series of complicated mathematical calculations.
The end result: they determined that, if the rocker adjusting nut was tightened about 3/4 of a turn, the rocker arm would force the push rod down about .0080".
Also, it follows that, provided there is no gap/lash in the valve train, the push rod would depress the valve lifter plunger an equal amount.
The whole concept of zero lash is just to be sure that there is no clearance in the valve train and that the plunger is at the top of it's stroke (i.e. not depressed at all - it has to be up against the circlip).
Then to set preload, tighten the rocker adjusting nut about 3/4 of a turn (or 1/2 turn, or a full turn, etc. - whatever you have been taught) The thread pitch of the adjusting stud is fine enough that an exact number of rotations of the nut is not critical. About 1 full turn will depress the plunger to about the middle of it's total available stroke distance.