Thanks to Randalla for the carb tuning help and other stuff this weekend, and to Doc for the telephone-based valve clearance adjustment tutorial. With all of that done, the Z is running rather well: idles around 850-900 RPM, initial timing is around 12 degrees and at 2500 RPM is at 36. There's a little smoke (maybe related to running a bit rich), but I'll worry about that later (if ever).
Next issue is with the clutch/transmission. I swapped the 4 speed that came with the car for a freshly rebuilt close-ratio 5 speed. I used the clutch that was in the car when I bought it, along with the release bearing collar, but I'm pretty sure I installed a new release bearing. By double-clutching I'm able to get it into 1st gear with the car running, and I'm able to shift into 2-5 okay. But shifting into reverse is impossible. We messed around a bit with adjusting the play in the clutch pedal, which didn't seem to have any effect. The clutch had recently been bled, but I checked that as well and it seems okay.
Another (probably related) issue is that there is an unwelcome "heavy rattle" or mechanical noise coming from the back part of the engine / front of the transmission. The rattle changes frequency with engine speed, and it become slightly "louder" if, for example, with the clutch in and the transmission in neutral I pull gently on the stick (as if putting it in 2nd).
The consensus is that the release bearing collar is mismatched with the clutch pressure plate. Come to think of it ... I *think* I used the clutch fork from the 5 speed, but in one of the threads below it's stated that I should have used my original fork. Hmmm.
https://www.classiczcars.com/forums/top ... e-bearing/
https://www.classiczcars.com/forums/top ... ed-please/
https://www.classiczcars.com/forums/top ... 2#comments
https://www.classiczcars.com/forums/top ... n-5-speed/
https://www.classiczcars.com/forums/top ... peed-info/