You need to do the following:

Adjust the valves to the factory specs (0.008-0.010" intake, 0.010-0.011" Exhaust), that's pretty much the ONLY way to make it stop ticking. I have done it numerous times on my CRX, and no matter what, the factory specs always yield a quiet car. One tip I have is to adjust them, put it back together completely (maybe let it sit for 30 min or so, but not necessarily because I never did that with my crx, or any other cars I worked on as a mechanic), then start it, check for leaks and such, let it warm up for ten or so minutes. Then you let it cool back down for a few hours, take it apart, and re-check them if you have noise. I personally hate ticking, so I always did this. I currently need to do this on all 3 of my honda's, it sucks, but the S2000 is the most difficult one to do, so I am doing it first, then my CRX, then my wife's CRV.

 

Thanks for the how-to. I just did this twice because my valves were louder after the first adjustment than when I first started. Now they are silent. The second time around I snugged the screw down until the smaller feeler gauge couldn't move. Then I backed it off an 1/8 of a turn, took the feeler out, moved the adjustment screw back in an 1/8 of a turn to get it back where it was, and tightened it up.

When you are putting the valve cover back on, BE EASY ON THE VALVE COVER BOLTS. 8.7 foot pounds is really a ridiculously low torque number, so don't go crazy. Also, replacing the spark plug gaskets is a PITA, so only do this if they look like they need to be replaced.

 

Really like this very clear instruction. I just decided after 150K miles that I had better do this. The gaps appeared to be in pretty good shape. I was wondering if anyone knew how much of a turn on the adjusting screw corresponds to how much gap change. It will go with the pitch of the screw thread but I don't know what that is. Anyone know?

 

These are M8 Fine threads I think, but doing it this way will NOT work. It has to do with the tightening of the nut on the top, and the minor differences in how the threads were cut. What you need are bent feeler gauges. It's a process, and you should have a plan for if you don't get it done in one day (forgot to order a seal, etc.). That being said, I was able to replace valve springs and do the valve adjustment in a Saturday in my garage, so it can be done.

 

I just used this DIY - Many thanks to the OP!

I found it much easier to remove the heat shield, The rear bolt can be loosened from the top with an offset reversible 10mm ratcheting wrench. Loosen it just enough to slide the cover out and it is easier to get back in.