I have seen situations where a close float was not enough. IMO the dollar bill test is long out of date. Technically the barrel is floating, but if it touches during firing, the effect will not be good. Because the motion of the barrel, relative to the forestock is mostly vertical, I like to see more clearance under the barrel, which only shows at the forend tip. Along the sides, where it shows' I like to see more like .040. The main thing is that the gap be even. This is for wood stocks. For "fiberglass" target stocks I like a lot more. If you walk down the line at a benchrest match, I think that you will see that the barrel to stock clearances are quite generous. On the other hand, if I were planning an expensive show piece, a classic hunting rifle built on an action that was selected for its appearance and history, with a stock of highly figured, finely finished and checkered walnut, I would have the stock maker follow traditional practices, knowing that the rifle would not see much actual use.