1973 225 valve adjustment help!please!

+1 on the engine running. It's not like hydraulic lifters squirting oil all over. I know a an old dealership mechanic and he says that's how they did it.
That's also how I do it. JMO I think it's more accurate. How do you know exactly what is "almost open" and what is "almost closed"? Sounds like guess work and to keep cranking the engine over and over and "oops" I missed it. All the way around again. Once again, JMO
I agree totally. Some cams with different durations than stock can be a pain doing the bump method. If it's off just a little, it might not be on the heel of the cam and you get an inaccurate reading. If it's running, it's a no brainer....the feeler gauge will either go in or not. And as Dan mentioned, you can hear the changes being made at the time you're making them. If you find that even after an adjustment is made, you still have a louder than normal click, you may have a worn rocker that you wouldn't have found otherwise. One thing I would ad is, if the engine hasn't had an adjustment for a long time (or ever?), you might want to turn each adjuster a 1/4 turn each way and return it to where you started before you fire the engine up. The things can get stuck to the point where you could accidentally break it off. Better to find out with the engine off so if the adjuster head does break off it would be less likely to fall down into the engine.