I work on caterpiller truck engs and do alot of valve sets. funnily enough the cat spec for a 3406 c-15 (15 ltr) states that they should be set at .015" and .030", ther is no hot or cold specs! Through my own exprerments have found that after setting a cold set and running up a eng the clearences are tight.. but have not closed up entirely and dont seem to effect eng performance or increase valve recession. Just for interest sake I tried a hot valve set on my busted little kb ford laser when cold and it performes better than setting it to spec.
On reading my performace handbook there is a note on valve timing that states that setting valves tighter improves top end performance, while setting them loser improves bottem end (dont quote me on this as book note here in front of me but is some where along those lines).
I would like to spec to a engineer about metal expansion as I believe that if we could get a cold spec it would be alot more accurate because as we have seen different people have different idears about what hot is (oil at opperating temp). You will notice that holden manuals tell you to measure pistons within a certin temp due to expansion at temp..
looking forward to hearing your response to this.
Tumbles