.535 total lift is what the car can take. Depends on when the valves open an close. I have the E cam with the 1.72 RR's .53492 LOL, and it is right at the limit when I clayed it. .075 clearance was all I had!
You have to measure to be sure. Every combination is different when it comes to measuring tolerances. However, peak lift isn't the problem. The pistons are WAY down the cylinders at peak lift. It's during overlap that clearances are tight, and at that time the valves are only open around .050". Consequently, 1.7's will reduce your p to v clearance only by about 3 or 4 THOUSANDTHS compared to 1.6's. You're looking for minimums of .080" on the intake valve and .100" on the exhaust valve.
HUGE difference with stock E7's because the valve size matches the relief size cut into the pistons. His AFR's have 1.9" intake and 1.6" exhaust valves - they are larger diameter than the reliefs.