Loose valves will usually be accompanied by a slightly louder rattle (esp under light throttle), less than good power, esp on bottom end, less MPG. It is a gradual process of performance falling off, but it is a good idea to do it anyway. Factory spec is . 010" for intake; . 020" for exhaust. Some guys here go a bit tighter, but I have yet to notice any appreciable difference, so I just leave mine at stock specs.
DP