It can be reasonably safe to run as tight as 0.040" intake & 0.060" exhaust. As long as journal & rod brgs, small ends, pins etc. aren't worn out....
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Usually though the tightest clearances will be found between 8 & 12 degrees crank position, (ATDC for intake valves & BTDC for exhaust valves) You'll need a correctly set degree wheel to be accurate.