Gotta build ANOTHER engine.

Oh i'm talking about checking actual piston-valve clearance, I already degree-d the cam with a degree wheel using a dial indicator on the edge of the lifter just like you describe and it came out spot-on with the 0 advance keyway on the crank sprocket, I made sure I was lining up the correct dots on the sprockets too. Cam is a custom-grind hydraulic roller from Racer Brown.
of course there are light v. springs, you can use and you can "map out" your clearances, and/or make a spread sheet to track the clearances before and after the critical valve events. I've never assembled anything pushing the envelope enough(over 0.500" lift) to warrant doing it. It can actually be quite a complex problem, because there are so many variables involved. I don't know how you could do it with hydraulic lifters, unless maybe you temporarily ran a pair of solid lifters and adjustable pushrods to check each cylinder. It would be pretty time consuming to do, unless you just used the clay method.
That said, if you are pushing the envelope with big valves, pop-up pistons, high lift or big duration cams, high compression, etc, it is a very important and necessary procedure.