Hi Chris
for a 70's Japanese air cooled four, typical piston/bore clearance is in a range of 0.032 MM to 0.055 MM, which converts to a range of 0.00126 INCH to 0.00216 INCH.
your machinist is thus still above the bottom of the range for a typical 70's air cooled motorcycle engine, I wouldn't be too hard on him.
if I found a bore/piston clearance of 0.003 INCH (0.0762MM) on a 70's Japanese motorcycle engine like the four cylinder Kawasaki's I am fond of, I would be looking at replacing the pistons for next oversize, as that clearance is significantly larger than largest permitted spec on a 70's Japanese air cooled motorcycle engine.
on my last Kawasaki engine build, with 1 mm oversize pistons and rings, for my 78 Kawasaki 650 engine, I had the machinist go as close to 0.0013 INCH as he could. Turned out to be a nice running and quiet motor.
I think if you tried even 0.015 inch on your Laverda motor as your machinist is suggesting, especially with the non factory ROSS pistons, you would be skirting the edge of piston seizure in the bores as the ROSS pistons expand more than the stock pistons do, sort of like when you fit stainless steel valves to a Laverda (which expand more than stock valves) you have to use a more generous valve stem/guide clearance.
your machinist is going to tell you that 0.003 inch piston/bore clearance is too loose. For a 70's air cooled Japanese motorcycle engine he is completely correct.
with both Ross and Red saying 0.003 inch piston/bore clearance, I am thinking that is what I would likely go with in your shoes, although the temptation for me remains to stay just a tiny bit "tighter" in the bores, but then who knows what is safe, so 0.003 inch is likely what it should be set to..... I did go 0.0025 inch initially on my RGS "1200" build with J & E pistons, but didn't get many miles on it before a rod bent for other reasons, and one of the cylinder liners had to be replaced (from the bent rod smashing it) and re bored, with the remaining two liners re honed, all to around 0.003 inch or slightly less, and it is a "happy" motor.
Paul LeClair
ps - wouldn't it be an easier world if everyone just went metric? Drives me wild here in western Canada trying to find metric fasteners even though we are and have for a long time been officially a "metric" country. I was talking to my machinist today on the spec for my 72 Triumph car engine, tough discussion when I have to mentally convert all his INCH speak to metric.......