My Comp 262AHs have that lift and I have no PTV issues. But some cams may run closer than others: Cams with large durations might come close. It's very important to make sure they're installed correctly (degreed) the first time. I don't know of any 0.550" 2V cams that require flycutting the pistons but perhaps someone can correct me.
To get a better answer, you should share which cam and which engine. As trinity said, it depends on the duration of the cam and the angle it is installed at. Note that cams are often not ground exactly on center, so you should degree the cam in. In general, a .550 should work fine in a PI engine, if everything is degreed in correctly and it is a reasonable duration and such.
its not the lift its the duration and installed centerline that matter, a .480 lift cam on a 106 intake centerline with 240 degrees of duration is too much for stock pistons