If your simply trying to set the fast idle speed (the speed when it's cold and warming up) then I would adjust it cold.
Unless it is electric, it should stay engaged until the engine warms up and you rev the engine. Either way, I'd chk it cold, and if you want it higher or lower in speed, shut it off before it warms up and make a quick adjustment. Some carbs have a screw, others like my holley have a small tab you twist to get it to lock plastic the choke cam (for lack of a better description).
If you are trying to adjust how much choke is applied when cold, then I'm not sure how the Edelbrocks work. On many carbs, there is a small rod you can tweak to get the choke to open or close more depending on need.
Hope this helps