That seems about right.
For hydraulic lifters you would take the "plungers" out. Others might have another opinion, but from what I understand this would be a good time to disassemble and clean them (though do not mix-and-match parts between different plungers).
Then lift the "tappets" up and hold them with clothespins or what-have-you.
If you have to take the grille off it's not as hard as it looks at first glance. Just a lot of fasteners.
You want one of those "flathead-style" valve-spring compressors:
Flathead-Style valve spring compressor You can conceivably do this job without taking the intake manifolds off, you can get to the valve covers from the right-hand side by taking off the right-side tire and then the inside fender cover, as in the Speedwell Garage You-tube video for adjusting a Packard Straight-8 valves.
Speedwell Garage Flathead Straight-8 Valve Adjustment
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