To check for coil bind:
pick an exhaust rocker that is easily accessible.
turn the engine over until the valve is completely open and the spring is compressed.
with a feeler guage, be sure you can insert a .030 blade between the coils.
as long as you have at least .030 between the coils you should be OK.

VP clearance is a little more involved with the motor assembled. Buy 2 checking springs. These are light springs that will close the valve on its seat, but you can still push the valve open with your thumb. Remove a spark plug, screw a quick disconnect air fitting into the hole. Attach a hose with shop air to hold the valves on their seats while you remove the rockers, keepers, retainers and springs from the intake and exhaust valves on that cylinder. Assemble your checking springs, retainers, keepers and rockers back on the valves. Pull the retainers up hard with your hands so that you know they're locked on the keepers. Screw the rockers down until you have taken all the slack out of the pushrods. Disconnect the shop air.

The closest either of the valves will come to a crash with the piston is the exhaust valve on the exhaust stroke when the piston is chasing it back up the bore, although you'll want to check both the intake and exhaust.

Determine where the TDC timing tab location is on the timing cover. Some Chevys use a 12:00 O'Clock location, some 2:00, and some 2:30. We'll assume a 12:00 position.

Turn the motor in direction of rotation and watch for the exhaust valve to open, then begin closing. Watch for the TDC notch on the damper to come around to about 10:30 O'Clock. Press down on the exhaust rocker at the valve stem and record how much clearance you've got (how much further you can push the valve off its seat than the cam did). Now press down on the intake rocker and record the clearance. Rotate the motor to 11:00 and do it again, then 11:30, then noon, then 12:30, 1:00 and 1:30.

You'll want to take the measurements with a 6" dial indicator with the depth slide. Use the edge of the retainer, but be careful not to dislodge the retainer. Those springs are light and it won't take much to disassemble the whole mess. Also, press down on the rocker, not the retainer for the same reason.

If you determine that the timing pointer is at the 2:00 or 2:30 position, just start your checking about an hour and a half earlier than 2:00 or 2:30 and run through an hour and a half later.

If you have 0.090" clearance on the intake and 0.110" on the exhaust, you're good to go.