Col,
I went through many gyrations of shimming the air valve with round shims and documented what I did. On my '68 280 engine, I found that the minimum shim thickness is around.030". That was when the air valve just barely closed when warm. Any less that, you would feel air sucking in when the engine was hot. I have .052" worth of round shims in there now and am happy with it. These are just approximations and will be slightly different on yours. But gives you a starting point. There is a specific engine temp when the air valve should shut off. If I remember correctly, it is something like 165 to 170*F.
The oval shim and the round shim do two totally different things and are not really related. The round shims as mrfatboy stated, change the temperature when the air valve shuts. The oval shims change the fuel mixture during the entire warm up process or when the WRD is active. The engine needs a certain amount of enrichment when it is cold and reduces as it warms. If you set the air valve to go off at the specified temperature it should also have the correct amount of enrichment during the warm up process.