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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
The best way to do it is hot. Meaning the engine should be warmed up when you adjust the valves. It also depends on what your cam card says. You'll need a feeler guage to do it properly. If, your carbed it will be pretty easy, if you're efi it will be a paing to get the upper off.</P>
I've personally never done it. I have two brothers that used to run chevy's all the time. They always adjusted the valves with the motor running. Has some special plates that kept the oil from going every where.</P>