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More than likely the best tool ever for adjusting the valves on the 292/312 engine was the P&G valve gapper. It is a dial indicator type tool designed to adjust the valve lash on several types of engines with solid lifters. This tool allows the gap to be adjusted precisely to the desired amount. A feeler gage does not compensate for wear because it bridges the gap and is almost impossible to get a perfect adjustment.
With the P&G gapper and patience the valve lash can be perfectly adjusted. The P&G valve gapper was made in the 50's and 60's and is obsolete, but they keep turning up at swap meets and usually in perfect condition.