Something is wrong. Either something isn't seated properly, or the ball stud isn't threading in and out right, or ??? You should be able to run the ball stud down to the point that there is a huge lash. First, is it running down all the way? If not, you found the issue. If it is, check to make sure the lash pad isn't turned sideways. If it is, the rocker will not be seated properly in the lash pad and will cause the lack of adjustment range. If you need to remove a lash pad, simply use a large flat screwdriver to open the valve and remove the pad. Rotate the engine so that the cam lobe in question is pointing up and then remove the spring holding the rocker to the ball stud. Just use your fingers and pull it over the end of the rocker. Now put the screwdriver under the cam with the blade on top of the valve spring cap. Position the shaft of the screwdriver so that it is on the cast portion (not the lobe) of the cam and pry up on the handle. The valve will open and you can remove the rocker. Once the rocker is out of the way, you can remove the lash pad. To answer your other question, no, the cam doesn't have to be perfectly aligned. There is about a 120° window where you are on the base circle with no valve lift.