What kind of tolerance is TOO tight? I'm working on my cb750 (again) Last guy reamed out the guides to .261, way too loose( smokes at high rpms ) , book said .260, I've been told .259 and hone. If it goes in and moves is it not too tight? Where do you get the right size of guide hone?
If you want to actually hone the guide to size, you need to get a sunnen valve guide hone. I paid around $500 for mine more than a few years ago. This is a ridged hone, with a single stone that is pressure fed out. You can controll the pressure. The advantage this has over a ball hone is that it will, (or make that CAN if used by experienced hands), make the guide straight and round. If the guide has a "loose spot" in the center, the ball hone will be making that larger as it works on the tighter parts top and bottom. With a ridged hone, it will not touch the loose spots untill the tight spots are even with it.
So far as how loose is too loose, I can tell by the wiggle. Hard to give instruction on that by email. Also, I do not pull the valve out a bunch, I keep it closer to the seat. The valve spends most of the time near the seat, PLUS you want to measure the stem to guide clearance, if you pull the valve way out, (like full lift), this multiplies the clearance. Depending on the guide length, stem length, distance from bottom of guide to valve head, this could pile up to make the clearance "felt" to be more than double the actual clearance. Put the valves in bone dry, with bone dry and very clean guides. There should be some slight movement. If it feels too loose, put oil on the stem and try again. If it feels ok then, you are ok. Again, I have machined thousands of heads, my ok and your ok could be VERY different. If you are really unsure of yourself, get some go, no go gauges, or make your own from gauge pins. Gauge pins cost around $2 each and are a cheap alternative to the go no go gauges.
Tom