When considering running clearance, at a minimum, I would consider sixfold parameters: shaft speed, type of bearing in which the shaft is running, allowable shaft mechanical runout, allowable bearing concentricity, allowable misalignmemt, expected shaft temperatures and expected lube viscosity & oil Delta Temperature. For example, a hot running clearance is not the same as a cold running clerance.
The 0.016 IN spec is at best generic. For example in a sleeve bearing at 1200 rpm the 0.016 IN running clearance would be on the high side however if the shaft speed is 14000 rpm the 0.016 clearance is excessive.
