Shimming old lifter to simulate preload for valvetrain setup

Yes. That will work for checking pushrod length and preload.

But what about checking valve lift?

That's what I need this for.

Thanks. Eric
You don't understand what I'm saying at all.
Let's clarify something first. The checking push rod you have been told to use....is adjustable, it extends and retracts....so bolt the shaft down and adjust it at the checking push rod, hence adjustable. Make one out if an old one you have, cut it in half, all thread and 2 nuts between both ends and there ya go.
Use the push rod at .040 short the pre load on a shimmed to max cup rise hyd lifter. Check your max lift at valve now...
Once you find it's good, coil bind is .050 or more away, measure the length and add .040. That's the length you need.
When it goes together....the lifter shims removed... the .040 will be taken up by the lifter...hence preload that you are after.
That's it. Read it as many times as it takes or ignore it.