Pilot Bushing/Input Shaft clearance

What should be the clearance between the pilot bushing and input shaft? 0.002-0.003", or 0.003-0.005" I've been told both specs. If clearance isn't there is it better to machine bushing prior to installation, or ream bushing by hand after installing? Assume one should prevent run out in excess of 0.002" in flywheel?
440/A833 combo
Thanx
Author: Weezel