I'd be more concerned about the massive crack that runs through your cylinder wall.
I think .0004 is pretty tight. When i put my motor together, i used a few different resources for specs. Mains were recommended to be .002-.003 (some say .0025-.003). Rod bearings .002 to .003. I am not an engine builder, or have any formal training, but those specs have worked out well so far. Rick may chime in if he is lurking around.
Joe
I'd be more concerned about the massive crack that runs through your cylinder wall.
Regardless of where the crack is,...OP doesn't seem too concerned that he has an engine w/ such a devastating canyon running through it that will potentially break into two, ballistic chunks of 200+degree farenheit metal, flying apart at 7000 RPM...Actually that crack is in the crank and it looks like it's on the verge of a catastrophic failure.
i go by the rule .001 per inch of journal diameter. if it were a cleveland or windsor main i would want more like .003 for the cleveland and about .0005 more for a windsor. but on a 2.25 302 main, id let .002 eat if its just gonna be a street motor. id like to see .0025, but i dont think you are going to get into ten thousandths increments with plastigauge.
I could be wrong but I am quite sure the crack is in the cement below the engine that we are looking at through the cylinders.