If you are setting up a new engine, go by the specs. If it is a junker race engine or something to get by, specs can be cheated a little. I have a friend who built a junker race engine from a worn 400 block with STOCK cast pistons with .008 slap. Put a big ole solid cam in it with some home ported to the max 041 heads on it and went racing. Ran 12.40 in a 3400lb Malibu with 6500 RPM shift points. Would it run long like that? Probably not, but it was put together with junk parts and buying nothing new. He had lots of fun with it for no investment.
Chris