Originally Posted by 
Chr1s
				 
			haha Tinkerbell, nearly left out there for a moment! This man knows his stuff too. :beer:
Zeni-tani - I would run around 0.045" on the intake and 0.050" on the exhaust as my minimum values, anything lower than that and you're asking for trouble, as mr Tinkerbell mentioned, remember rod stretch, this value will be different for each type of rod used as they have different inclusive material properties.
If you're bringing the lobe centres closer together I dare say you will have valve to valve issues before you get into some piston to valve problems.
It should also be noteworthy that lift is not to be considered as dangerous as duration is when talking about P2V clearances as the valve has peaked way before the piston is even close to it, the duration is what's going to hurt you and this is why you need to set your cam gears to full retard and advance and check both sides of the variance for any issues to save you running into them if you do try and get fancy on the dyno. 
After saying what has been said, at the end of the day, there is no hard fast rule for a clearance, it all depends on how far you want to go and what parts are being used, mass has a big effect on what the clearance should be, obviously if you are using very lightweight parts with minimal interia then the clearance can be tightened up dramatically.
All in all, check on all pistons as I have seen some pistons needing work to enlarge the releif - width wise not depth.