It makes a huge difference. An engine that is properly in time with be able to pull more tonnage than one which in "out of square". It will also take longer to develop pounds, the bearings will run cooler, and fuel economy will be improved.
The work is largely done with blacksmith tools, but to a high degree of precision. To the nearest 1/128 of an inch is a common goal, so the best results are achieved when the machinery has been freshly overhauled and the valve setter knows his business. For Walscheart valve gear, to order of operations, is to:
1. Find the dead centers.
2. Make the port marks.
3. Adjust the reverse shaft arms so the radius rods are at the same altitude.
4. Adjust the length of the radius rods (forge them longer or shorter) to achieve equal lead in the valve at both ends of the stroke.
5. Set the eccentric cranks (with stepped keys if needed).
6. Adjust the length of the eccentric rods (forge them longer or shorter) to achieve equal lead in the valve at both ends of the stroke.
7. Adjust the reach rod length with the boiler hot to locate the center position.
8. Adjust the stops on the reverse quadrant to set full cutoff.
With the right tools and a freshly overhauled locomotive, the complete job can be done in a day or two.