The 1934 Manual has no specs but the 1949 manual states that the clearence should be .002 to.0004"......which can seem quite loose.
The block in my '34 showed wear also and I never did anything about it. The load on the cam is constant and is always pushing the cam to the bottom of the bearing. Personally I would not worry about it, escecailly for the small amount of driving these cars get. I put over 20,000 miles on mine and really saw no bad results.
I would bet that most all of the well used 1934 and prior engines are like this. The only fix would be to tear it down and line bore the journals and install a set of 1935-36 bearings.
