Tons of variables: piston weight, rpm, piston rock, piston/cylinder clearance, dome/flat top, etc.
.040” is gonna be plenty safe unless it's a heavy domed piston. I wouldn’t run tighter unless you want to experiment or have experience with that combination.
My 352 runs really well at .035”, but it’s a stable 1.920” compression height with no rock, with a flat top, .0035" of piston/wall clearance, and I do a ton of measuring.