Quoted from AlexF:I've almost always gone over all the switches. Tighten the stacks, clean switches and as Zacaj says adjust only where needed. Most switches won't need adjustment but it's good to check. I know the Night Rider I am currently working on has a bunch of drop target switches that aren't making contact in either position. I may as well correct that before I fire it up for the first game.
I sort of understand when some guys advise against cleaning and adjusting them all. if you're a novice you can really hose things up. Realistically though I've never had this process cause more issues. It generally clears most things up. When you inspect everything you find disconnected wires, worn parts, broken switches, hacks and debris lying around that can cause a short. Sometimes a game will generally work with issues that can be corrected before it causes a bigger problem.
I generally clean and adjust every contact when picking up a new EM, its not for everyone though. It takes some practice and experience to "get it right" and Gottlieb's in particular can be problematic with their short contact arms.
Generally once you get it right they are trouble free assuming they get used on a regular basis.