So I just went outside and measured a set of Comp 834s and a set of old stockers out of a 71 360.
Both had a pushrod seat diameter of .340. 5/16 is .3125, so it seems like these anyway are made for 3/8 as if you sunk a 5/16 ball it'd be sitting on the bottom and likely wear both the lifter at the hole and sharpen the pushrod over time.
I do not have any Comp 832s to see how they are made differently, but I suspect the small block and 385 series maybe a bit different and some companies try to cheap out without using the correct lifters.
We just ran into something similar on a 67 GTO 400 HO, stock rebuild done by previous owner, but noisy lifters and when we went in it had poly locks. As far as we can figure out, the previous owner used Chevy lifters, which have both a lower cup height and a lower oil band height. He tried to make up the cup height with adjustable valve train, but the oil band was actually coming slightly out of the bottom of the llifter bore on the base circle. No adjustment will let that hold oil LOL