I was taught a loooooong time ago, to adjust hub bearing to a point, there is very slight play when wiggling the axle side to side. When the wheel is installed and QR closed, there should be no play and the wheel should rotate under the weight of the valve. I have 4 sets of wheels from the 80's, using this practice, and absolutely no wear to the cones and races.
A few years back, I bought a new replacement wheel for a bike at the LBS, and the adjustment was so tight, you could feel the indexing of the bearings.
I will continue with this practice.
Oh, found the reference. The Best Of Repair Stand, by Don Cuerdon.
"Check the adjustment by alternately turning the axle between the thumb and forefinger sideways. The axle should turn freely and feel slightly loose (to allow for compression when the wheel is fasten to the frame).
When the wheel is installed, there should be no side play at the rim, and the weight of the valve stem (positioned at 3 or 9 o'clock) should be enough to turn the wheel . Keep fusing until you get it right."
KB