Havnt done it on an M42, done it on a few of our racecars and you want to have each piston set to top dead center when you test that cylinder.Put a screwdriver on top of the piston and crank it over ontil the piston(screwdriver) is at its highest point.perform the leakdown and it should tell you the more the leakage the worse obviously.
If you can hear where the leak is coming from you are able to pin point the problem.
hope that helps