Thats cutting the piston to valve clearance pretty tight. I would personally use the E303 with 1.6's
Also, I've heard of people having valve float problems when using 1.7's on the P heads, and resolving the issue by shimming the valve spring, not sure on the thickness shim though.
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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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