In a "perfect world", the clearance shouldn't change by rotating the valve. It could be something (carbon) on the valve face and/or seat, an adjustment cap nut slightly off or a slightly bent valve stem. If the compression is good on that cylinder, have zero concern over it.

Yes, I would adjust that valve in the tightest rotation position of the valve so that it gets slightly looser as the valve turns.

Picking up on that was a good observation, attention to detail...

FWIW, I'd have the camshaft/valve timing spot on before adjusting pump timing.

Good luck!!!

__________________
"Rudeness is a weak man's imitation of strength" - Eric Hoffer