The thickness in the actual crushed direction should be close to the real diametral clearance, if the lead's yield strength is real low. For sure I'd like it to be lower than the bearing material I;'m testing.
The product plastigage is "read" by measuring the width, but it is based on a "calibrated" diameter of the original plastic string, and a particular material, and the volume remaining constant pre- and post- squishing. Plastigage is available in a few sizes to cover a ranges of clearance from 0.001 inch to at least 0.009 inch.