The adjustment would come after finding the valve or valves that needed to be adjusted.
My real point was to see if there were very many that still knew of this devise
I didn't, I found it in the book, Ford V8 Cars and Trucks ('50 revision), a 896 page book that has every detail of the early Fords.
My dad worked at a Authorized Ford rebuilder, from '46 to '51 and had a few tools, made for working on FH's.
He had a timing devise that bolted to the timing over (anyone have a picture of that), to set the valve lash (I don't have that now) and "dumby" valve guild that you use for the mushroom valves, I still have that, as well as a Stromberg, jet wrench and many old Snap-On and Blue Point tools. I keep them all in his 6 draw, Snap-On tool box (draws still slide smoothly), that he gave me when I became a mechanic, in 1962, after HS.
Frank