The 413 and 426 M/W engines needed a notch to clear the 1.88 exhaust valve. I've got nothing to tell me how to prep a 413/426 block for the 1.88E, so I don't have a feel for how much less might be needed for the 440 (if any). I also don't know how close to your intake valve a 1.88 inch exhaust will get. There appears to be a trade-off between the intake and exhaust size.
FWIW, the intake on the M/W III head used a 2.08 intake & 1.88 exhaust. The Stage VI heads use a 2.14 intake, 1.81 exhaust. P4876386 uses a 2.25 intake, 1.81 exhaust.
Here's a comparison of the area of the two valves 2.573²" w/1.81, 2.776²" w/1.88. The smaller valve has a roughly 8% smaller "window" for fuel vapor to pass through if you want to compare it that way.