davs5.0 - peak lift has zero impact on piston to valve clearance; the rocker ratio change in lift you've quoted (which by the way is only an accurate number for a cam with .498 lift at the valve with 1.6's) occurs at peak. Re-read 90Notch's post - p to v clearance occurs during the overlap period - when the intake is just opening, the exhaust is just closing and the piston is passing through tdc at the end of the exhaust stroke/beginning of the intake stroke. At that point, valve lifts are usually somewhere in the .08" range -- which means your rocker ratio change (.08" X 1.7/1.6 = .085") only reduces clearance by about 5 thousandths of an inch -- a non-issue unless you're right on the edge anyway.
It's bigger valve heads, and earlier opening intake events/later closing exhaust events (more duration, more overlap, smaller LSA's) that reduce clearance.
A very strong motor can be put together with either the 165's or the 185's and the stock cam - very reasonable bottom end can be achieved with either. But in my mind, if you've picked a cam which isn't gonna let you rev high enough to take advantage of the greater flow potential of the 185's, why not go with the 165's anyway? All else equal, piston to valve clearance will be greater with the 165's because of the smaller intake valve head, and with the stock cam you're not gonna max out the flow potential of either head. I can't see any benefit to the 185 unless you're contemplating future mods or use on another engine down the road.
I think 90Notch is on the right track here.