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If it is done, you can live with it. Can be heard as sloppy on startup, but it should take even more clearance to be able to hear it when it is heated/hot. If you hear piston slab in an engine on low idle, it is often from a slack skirt after a seizure, which makes the gap much more than your .007". You can run a hotter thermostat and thicker oil if you have full control on your oiling system, or keep the rpm not too high. Premature wear on a stocker going a high mileage on piston rings due to the piston rocking, but for a hobby car should not be a problem. Let it heat up before pushing it. KB recommends more clearance for marine applications, because boats could be fully loaded before engines are hot, and cylinder walls have not yet grown to hot size. That is not done to optimize on wear, but to avoid a possible scenario giving seizing. You cannot be wrong, it is much worse with too little clearance. My 
I agree 100% Back in the 60's Chrysler set the Hemi's up stock with .007 Chevy & Ford both had similar clearance on forged piston motors... I set my 505 up at .0055 cause I know it'll never see 7000 rpm & I won't have to beat it to hard to get an ear to ear grin...  Put it together & have fun... Oh yeah if you can get the piston skirts coated down there it might be worth it but I don't see that as really necessary....
"The Armies of our ancestors were lucky, in that they were not trailed by a second army of pencil pushers."
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