This is interesting as I am making a 2-10-0 Evening Star in three and a half inch gauge and I also wondered about axle end float.
With 10 driving wheels the Evening Star has a problem getting around curves and the driving links have a lot of end float as well.
I did find some very close tolerance at the front end of the chassi but managed to clear that.
You cannot scale down and achieve all the same clearances as a full size loco.
Your clearances sound about right though Peter.
Clive