The Crane 2040 is identical to Ford Racing's E303 camshaft. Piston to valve clearance should always be measured on a swap like you're contemplating as both the larger than stock valves in the GT40's, and the longer duration of the 2040 cam are gonna reduce the stock clearance. The rocker ratio difference actually has only a very minor effect on clearance -- 3 or 4 thousandths of an inch is the clearance you'll lose by going to the 1.7 vs. 1.6. Unless you're right on the edge of acceptable clearance, the rocker choice won't make much difference - so it's up to you. But you won't know if you're on the edge or not unless you measure. You're looking for a minimum of .080" on the intake valve and .100" on the exhaust valve. Those amounts are enough that even if you miss a shift and over rev the motor floating the valves no hard parts should come in contact. The 2040 w/1.7's is gonna have .528" lift - I'd consider upgrading the valve springs on the GT40 heads. If they're old/tired, you could have valve float issues at low enough rpm to impact power production.
By the way, other folks with similar combos will often tell you that 'it worked in mine, it will work in yours'. Two things to think about - 1) often, they haven't actually measured clearance; they simply haven't had a problem -- YET. They might find the first time they miss a gear and over rev that the exhaust valves hit the pistons; 2) when it comes to dimensions this tight, no two combos are ever identical, even those with exactly the same parts. So clearance can be fine on one and not on another with the same parts. While well intended, the fact that it worked on another motor isn't helpful in determining if you'll actually have enough clearance. You need to measure if you don't want to take any risk.
Remember - peak lift is not the issue when it comes to p to v clearance - the pistons are WAY down the cylinder when the valves are open all the way. It's during overlap when the piston is passing through tdc and the intake is beginning to open, exhaust is just closing that p to v is at it's minimum. So, bigger valves, heads that have been milled, blocks that have been decked, cams with earlier opening intake valve timing/later closing exhaust valve timing (bigger duration, tighter LSA, more overlap) are the things that reduce clearance. You have 2 of those working with your combo - that means you should measure to be certain. I'm with your 5.0L reference book - measure to be sure - but you'll probably learn that you're fine when you do. By the way, you can buy the tools you'll need to do the measurement for about $50, and you'll learn so much about how your engine actually operates that it's well worth the money for that alone. With those tools you can also degree the cam to be certain that it's installed with the timing that you want. Simply putting it in dot to dot means it could be spot on, or it could be as much as 4 to 6 degrees off. Unless you measure (degree it) you just don't know. Here's a link that describes one easy way to measure with just feeler gauges. Good luck with it.
http://www.geocities.com/jjonibones/PVC.html