So I finally got around to doing a few things on my car and wanted to pass along my observations.
First I replaced the in tank fuel filter. This was not too difficult, but finding the right socket was a little tricky. I found a plumbing wrench at lowes that was like $6 that I could put in a pair of vice grips and it fit the socket perfectly. I had run the car as low as I dared and there was still probably 3 liters of diesel in it. My reserve light still only comes on when I am starting the car and I have no idea if it will ever function if I am actually running out of fuel. The filter itself was not as dirty as I expected and the presumably original filter was made of a much heaver metal than the new Mercedes replacement. I wonder if they are making them cheaper now.
Next I adjusted the valves. I used some cheap wrenches from northern tool and bent them as per the instructions I found on this forum. I did not need the retainer wrench and it was actually easier than I expected. My car has always started immediately, even on the coldest mornings, but now there is no smoke at all (as compared to a little white smoke at start up). I can definitely feel more pep in the car and it responds more quickly from a dead stop. Only one of the valves needed no adjustment. The biggest difference has been in my oil leakage department. I had a pretty serious leak and I suspected it was from somewhere near the back of the valve cover. When I removed the valve cover I found that the PO had actually smashed some sort of wire that runs across the back of the engine in there accidentally. The valve cover was pretty muck leaking like crazy because of it. With a new gasket and some more careful installation my leak has been reduced to a paltry drop or two a night from the oil pan gasket and oil cooler lines. Anyway, I was pretty proud of my success and wanted to share.

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1985 Euro 300TD Turbo