The key you all missed is, once the spindle nut is tightened to 50 ft/lbs while spinning the wheel, make sure when loosening the nut to set the running clearance that you DON'T move the wheel or you'll have to start over.
Chances are if the wheel slides out while the nut is loose, your fingers may not be strong enough to take up the slack that was created, resulting in too much clearance. Spin and torque, stop the wheel, loosen carefully without moving the wheel, then take it in finger tight to the first notch you can comfortably get the retainer into. If it's too tight, back it off to the next looser hole or tab. I agree, one should be able to feel the slightest little bump when racking the wheel on the spindle. Better to be a tad loose than zero clearance on most axles.
Oh, and one last thing. For those of you who've never done this, be careful when spinning the brake drum that you don't get your fingers sucked into the gap between the drum edge and the backing plate. That really hurts, and usually makes the blood fly. You've been warned.