Rusty,
I will keep response brief.
Basically with the old full size piston skirts severe damage does not occur until tolerance is fairly large. Don't know the exact answer. Before failure you will get piston to wall knock particularly at low rpm (my '31 is 0.005-0.010"). I have put 1800 miles on this "temporary" engine. With more wear you will get scoring of the cyliner walls and piston skirts. This is when you need to seriously consider making repairs. Next you will begin to cause considerable wear and break rings etc. In summary these engines will take a lot of wear before they fail.
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How Sweet the roar of a Chevy four!