Retarding the camshaft will open the exhaust valve earlier, and the intake valve later. This will increase clearances on the intake side, but decrease them by the same amount on the exhaust side.
Advancing the camshaft will open the intake valve earlier, the exhaust valve later. This will increase clearances on the exhaust side, but decrease them by the same amount on the intake side.
So yes, you will need to check PTV clearances when playing with the camshaft timing. You want minimum clearance (rule of thumb) to be .08" on the intake and .1" on the exhaust.
Adam