Just for comparison, on my bone stock head, block, and gasket 95' junker drag truck, if I tighten down the lash adjuster 1.5 turns i can still bar the motor over without piston to valve contact on cylinder #1. If I go 1.75 turns, there is contact. I did this test at or near top dead center so it takes the came completely out of play, just checking to see how far the valve has to protrude into the cylinder before it makes contact.
On my 98 12 valve, at 1.75 turns, there is barely contact, so little in fact that if I'm not really careful it will still rotate through the contact so either the push rod flexes a little or possibly the carbon deposit on the head squishes down a hair or something. At 2 turns, I have obvious piston to valve contact.
If I were you, I'd get the motor about 20-30* past TDC try tightening the #1 intake valve 1.5 turns past 0 lash and see if you can still bar the motor over in reverse with the alternator nut. If you can't, you obviously have less piston to valve clearance than my two trucks. It seems like my buddies 96' 12 valve was the same 1.5 turns no contact, 1.75 turns, there was contact.