On my Raven, I follow Thorn's advice and use measurements as follows:
First, mark your chainstay's midpoint (centre point of crank to centrepoint of Rohloff hub). (I use a thin strip of black electrician's tape.)
Then, find your chain's tight spot and move that to the midpoint of the chain. (I just put a gloved finger at midpoint on the lower side of the upper chain run, raising the chain to take out its slack, and spin the cranks. The tension on my finger tells me where the tight pot is.) (Note here: That used to be my drill. But since I bought two lovely 36T alloy chain rings from Rivendell Bike Works, my chains no longer have tight spots.)
I follow Thorn's recommendation of 40 mm this way:
> Using my finger & thumb, I spread the upper & lower runs to the maximum vertical play between the two runs of the chain, and use my tape to measure the gap betw the lower edge of the top run and the upper edge of the bottom run. (When I've got things right, that's usually around 110-120 mm on my setup. It's Thorn's "T1" measurement.)
> Then, I squeeze the two runs together to get the minimum vertical play, again betw the lower edge of the top run and the upper edge of the bottom run. (Usually around 70-80 mm, Thorn's "T2".)
> Adjust the eccentric to give yourself more of less play.
A couple of further notes from experience:
> I wait until I have at least 60 mm of play before readjusting the EBB to reduce the play in the chain to 40 mm +/-
> Over the past 12 -18 months, I have had some irritatin' creaks and ripply noises in my chain. I finally got rid of them by (i) cleaning and renewing the ant-seize on my EBB, and (ii) tightening my EBB fixing screws to the maximum allowed (150 inch-lbs.)
Hope that's helpful, and good luck!