No, the 007" is not necessarily 'the' figure to use. Each application will vary to some degree and the FE alloy block/head combo could be expected to have a slightly larger variation due to the block height as compared to say a BBC for example. I gave the 0.015" cold setting as an example only. The main thing is to check for the 'difference' between hot/cold & allow for that when setting cold. Its a lot easier than doing them hot. I would expect the actual difference to be similar to Anthonys figure of 0.013" in real life.
Sort of precludes the idea of running some of the 'tight lash' cam, profiles we used in the past with clearances around 0.012"/0.015" hot- would make a preheater mandatory prior to start-up
