Need valve adjustment help

If the balancer is indexed at 90* increments, then you can do it one cylinder at a time. Start with the the #1 piston at TDC compression, and work through the firing order; 1-8-4-3-6-5-7-2, rotating the crank exactly 90 degrees CW(down on the driver's side),to the next index mark, after each pair is adjusted.. This will ensure that the lifters are always on the base circle. This is also my preferred method.

I can't answer the hot/ cold difference.