The specs are .003" on the intake and .005" on the exhaust.
To prepare the engine to set the valves you need to do this. Pull the spark plug out and remove the valve cover. You will then want to turn the engine clockwise as viewed from the flywheel end until the piston is a TOP DEAD CENTER on the compression stroke. Both rockers arms will be loose. You will then need to take a pencil and stick in the cylinder until it touches the piston and put a mark on it. Pull the pencil out and then put another mark 1/4" higher. Put the pencil back in until it touches the piston and then turn Clockwise until the top XXXXX XXXXXnes up with your reference point. You are now ready to set the clearances.