.040" is as tight as you want to shoot for on a normal hot build. Any closer than that and rod stretch, and piston rock become issues. That's assuming you're not loose in the bore to start with. Once you get past .060" you're pretty much out of the zone and lost the benefits of having quench.
As you can see, there's not a lot of quench area with 8445 heads. This pic is with a 3.995" 4.1 bore and there's still very little exposed deck meat.