Safety isn't an issue, just don't run it for a long period of time because it will get MESSY!!! You're squirting oil all over and might catch fire on the headers. Slim but possible. I've adjusted rockers this way on several older V8's I've built. Just clean your header good afterwards and everything else.
Did you switch coil packs around? I know you switched wires. Don't know about the ICM. My experience is they either work or don't, but could be a short in your ICM. Would a crack between your exhaust and intake valves show up on a compression check? Crack might show up more under more heat and that being a middle cyn. it gets hotter then the outer two.