Jack is the expert on valve geometry on these early V8 engines. Go with what he says.
Another thing to consider is the front crank seal, This
http://www.pontiacsafari.com/L1Garag...ealUpgrade.pdf has all the info you need. My alignment tool is on the left coast. being used on its 10th engine right now, but you are welcome to borrow it if you'd like.