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OK, I know i'm letting myself in for alot of grief here but I'm going to ask this question anyway. I have one noisy lifter in my 95. I have used the long handled screw driver method to pin it down. All the rest are nice and quiet. What would happen if I took off the valve cover and just gave that one a half a turn ? I used to do this to my cars in the sixties when ever one got noisy - was I just lucky ?
I would prefer to hand turn the crank till both lifters are full closed, loosen the set screw, tighten while twirling the pushrod till you just feel resistance, then tighten 3/4 turn more and set the lock nut.
Of course you would need to remove all spark plugs to hand turn the crank pulley. But this way you would be assured that it was not too tight.
If you decide to try with engine running you could bend a piece of cardboard over the valve train to avoid/minimize oil spray.
I had a noisy lifter on my LT4. Granted these were non adjustable. But after pulling the lifter to inspect, it was gouged and so was the camshaft. This is how I came to have a Hotcam.
I might suggest pulling the lifter and taking a look.