Do they tighten - or loosen?

Agreed. I have never tried it "wet" either. (running) Idle it down real slow. I don't like cleaning the engine and inner fenders off. LOL
All my motorcycles and other adjustable vehicles get done cold. But I adjust my slant wet and I hate it. I adjust to specs and then tweak each valve just a tad by ear. You end up with the valvetrain quiet and smooth as possible.