Actually, unless it's a very large bearing or the speed is very low, I would be surprised if you could use as much as .008" - .010" preload, but it all depends on the stiffness of the supporting structure. In some cases, the structure is flexible enough that "thermal runaway" will not occur with high preloads. In other cases, even if you start out with clearance, you can run into trouble. The material of the housing (steel or aluminum for example) also makes a difference because of the thermal properties.
There are several approaches that come to mind for finding the ideal clearance :
1. Ask the bearing manufacturer (probably Timken). Sometimes they will run a detailed computer analysis for you - it depends how important you are to them as a customer as to how much detail and time they will spend, and also what your relationship is with the local representative, and how motivated he happens to be. If they just give you a general recommendation, it is unlikely to be optimum, and they will probably suggest you try it and revise if necessary using approach 2 below in any case.
2. Trial and error. Start off with a small clearance, do heat checks, and try reducing and increasing the clearance, performing more heat checks etc. If you are using grease lube, you have to be careful to let the grease "channel" before taking the temperature readings seriously.
3. Use a program called "Shaberth", if you can find it. This is an old mainframe era program for thermally optimizing bearing preload and is very hard to use by modern standards, although there is a DOS version.
4. Use Poplawski's new Cobra-AHS program (if it's ready) in conjunction with ANSYS. He will also consult in tricky cases. See