In the FSM, it gives valve specs for "cold" and then for "hot." Question is, if valve clearance is set with the engine cold is it necessary to to re-set with the engine hot? I've talked to several mechanic friends who all disagree, some say set cold an forget others say set it only when hot and others set when cold and re-check when hot. This is not something I want to do several times.

Setting cold and rechecking when hot is the factory recommendation, as that can help identify problems. If - after first adjusting cold - the hot isn't fairly close, something is wrong. (i.e. weird stuff like loose valve seats, sticky valves, etc.) Doing both is a way to catch odd problems.

That said, if you only want to do it once, hot is more accurate than cold.

Setting the valve with the engine hot could lead to a variation from the first vale set to the last valve set due to the engine cooling as you work. I have checked hot and then rechecked cold to see if they agree. It seems to agree fine. Therefore, I prefer to set the valves cold.