Just be careful and don't get in a hurry. The SE204 cams have a very high TDC lift and if you don't get things right, you could push a valve into a piston. Check all the items surfor chop has listed and get everything right.

If you are sure the lifter is sitting on the heel of the cam, don't worry about it; the rocker arm support plate won't sit flat and you will have to slowly tighten the support plate bolts. After torqued down, wait 10-15 minutes to let the lifters bleed down and if you can rotate the pushrods between your fingers and there is no veritcal play, you shoudl be OK. If not, you have a problem suspect that you may have the pushrods in the wrong location. Exhaust and intakes are different lengths.

Piston should be at, or near TDC on the compression stroke to place the lifters on the heel of the cam. You can put your fingers on the lifters while rotating the crank and somewhere around TDC, the lifters will stop moving and should be on the heel of the cam. If you are not sure, you can pull the cam cover and you can see behind the cam late to verify that the lifters are on the heel of the cam.

Ideally, like someone else has pointed out, if you are using the same lifters, it is a good idea to put them back in the same lifter bores. However, if you didn't, don't worry about the oil hole orientation; doesn't make any difference.

 

What DJl said

 

Stock type lifters can go in either way. The oil doesn't care how it gets there, with the gallerys all the way around.
Good procedure is to replace exactly the same as they came out. Good working habits to get into. If possible.
Engeneers have to say something so they chose, Inboard". Inboard to the pistons, inboard to each other? Choices, choices.
As said watch the length of the pushrods and get the correct ones in the right place.This is important.
Pretty hard to compress the lifters with 20-50 oil in them. Woods lifters almost cannot do it at all, ever. Stock pushrods would be a no-go using them.

With stock pushrods in place and the cam set on the base circles and everything right the, "Adjusting of Clearance", so to speak, is when you tighten the support plate down.
Gently and evenly.
With stock type lifters.

Always roll the engine over and check things before butting up.

Word of caution here.

Make sure the head bolt holes for the support plate have no oil in them and are clean. The oil will act as a seal when bolting up steel bolts and hydrolic force will strip all the threads out of the aluminum head there. Smooth as a drill.

Hate to say but been there.

 

Thanks Gents.... just not used to hydraulic lifters. As you suggested, carefully torquing the rocker down worked fine. Push rods are tight but can spin them..... Whew...