My First 318 Rebuild

what do you generally like to see in piston to head clearance range
I don't build engines for others, so I cannot answer that.
I have heard Smarter men than me have suggested .040 to no more than 050.

I can only tell you what works for me.
I have been to .028 with KB107s at zero-deck, OOTB eddies, with an .028 gasket; no contact. Do I recommend it? No. I had no problems except the gasket gave up at 11.0 Scr. So I decked the block, popped the pistons up out of the hole and ran the .039 FelPros, now with a Q of ~.032/.034.
That was in about 2004.
So far the FelPros are doing well.
I can also tell you that I have never had an engine be as responsive as that one was. Can it be traced to the tight-Q, or the 11.0 Scr/ 9.0Dcr, the 185psi CCP (with the 223/230/110 Hughes cam), or to the tune; IDK; but what a super combo that was.
If I had to guess, I'd say .032 is better than good enough.

There was a guy here a few months ago that claimed to be running .020 and I think he said something about kissing the heads was a good thing.