That is interesting.
In particular the 0.004/0.004" valve clearances in 1931 seem very optimistic, very precise. I must admit that I don't use a feeler gauge at all on my vintage bikes, but just give them a jiggle to make sure they're ok. I reckon 4 thou on an exhaust valve wouldn't pass my jiggle test!
As for setting ignition timing using engine at TDC and mag on full retard, I do it all the time - it's my standard method on the side of the road. Easy to find TDC, easy to spot the points starting to open (in the BSA case open 3 thou - a quarter of the way to 12 thou). Done. Works every time. But, depending what has been done to the mag over the years, it sometimes means too much advance is available to the engine with the lever at full advance, so maybe the bike runs best on no-quite-full advance. Over-advanced ignition is bad. Not a problem for an experienced rider, but bad in the hands of a novice. Best to set the timing at full advance if you're at home in the shed.
Seriously, I wish Billington all the best with his bike, but he seems to misunderstand the BSA instructions yet stands by his misunderstanding even when others try to explain. I have done my best.
Cheers,
Leon