Herb, DON'T loosen anything until you establish TOP DEAD CENTER on the compression stroke.
Your sparkplugs should be removed for this valve adjustment procedure because it makes it much easier to turn the engine over.
Get a 3/8 inch wood dowel or a pencil and put it in the sparkplug hole. Watch it go up and down as you turn the engine over slowly. You can easily see the point when there is NO movement---that is top dead center for that cylinder.
At this point, look to see if all valves on that cylinder (Intake and exhaust) are closed, with the valve springs at the same height, not compressed. At this point, you should be able to feel some movement. This is when you check to see the clearence. If you have the piston at top dead center and either the intake or the exhaust valves and their springs are compressed then that cylinder isn't at top dead center on the compression stroke where all valves are closed for that cylinder.
If you use the dowel/ pencil trick, you don't need marks on the flywheel or cranhshaft.
Sam