clearance? -0- interference fit.. that's why it's a oring.. if there was clearance.. your lift wouldn't work 
now.. that said. if you look at the max cyl tolerance for using the steel rings.. you can actually hone slightly oversized and still get away with a genuine fat CNH lift piston oring and have good contact ( takes lube and a couple spoons to get the piston into the bore with oring even after honing out of spec )... smaller tisco orings.. you want to stay inside spec.
now.. that said. if you look at the max cyl tolerance for using the steel rings.. you can actually hone slightly oversized and still get away with a genuine fat CNH lift piston oring and have good contact ( takes lube and a couple spoons to get the piston into the bore with oring even after honing out of spec )... smaller tisco orings.. you want to stay inside spec.