no its not ok to be above .004, thats 4 thousandths of an inch, chris said the tolerance is between .0005" and .002" (1/2 of a thousandth and 2 thousandths of an inch)
i had my crank polished a while back just to get some small scratches out and the machine shop told me to use stock size bearings, so i did and the clearance was about .0025-.003" this is too much and because of it my oil pressure is pretty low at idle (about 29psi)
my advice is to get your crank ground .010" under and get .010" under bearings to get it closer
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NMRA O/C 9516
NA pumpgas stickshift 347 10.65@125.6, 6.73@100, 1.41 60ft
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