There were a couple of posts about too loose vs. too tight, so I went back to the Sheldon article to make sure I read it correctly:
"Bearing play is checked by trying to rock the end of the spindle up and down. Ideally, there should be no play at all, but in almost all cases, if you eliminate the play completely, the bearing will bind. If in doubt, it is better to have the bearing just a bit too loose than too tight. In my experience, only Campagnolo bottom brackets can be adjusted for no play and still turn as freely as they should." - Sheldon Brown