Lift means almost nothing when it comes to ptv clearance. The piston chases the exhaust valve up, so how long the valve stays open is far more critical.
No that is incorrect. Stock cam is .444 with 1.6 rockers, .472 with 1.7s. B cam is .480 with 1.6 rockers and .510 with 1.7s.
From the specs on the B-cam shown on American Muscle website
Based on the valve timing info, I would say install it straight up (not advanced on multi keyed timing set) and you should have no problem (with 1.6 or 1.7 rockers).
Why... The above says intake starts to open at 5 deg. before TDC and exhaust closed at the same time. Basically when the piston hits top they are essential closed. Would be no interference there. The more advanced the cam gets installed the greater the chance intake valve has opened too much when piston gets to top that would cause interference.
You're dealing with an assortment of mass-produced parts produced to different standards, some of which are used or reconditioned and were possibly altered over time. They can't tell whether you're going to have an issue over the telephone.
I also own a 86GT with GT40 heads and original cam. Not quite sure if this will work with the 1.7 roller rockers. Do you have a idea? My 86 has no valve reliefs/full flat tops.