About twice too much clearance. 3 to 4 thousanths more normal for these overhead valve engines. Valve adj controls the compression release. So valves open slightly before piston at TDC (max compression). Valves to loose (big gap) they release to much of compression so cylinder will not fire. And valves too tight, compression so high that starter does not have enough torque to rotate piston thru TDC/full compression.
These overhead valves are notorious for valve wear and not opening the valve to reduce compression when starting. When engine is running, piston moving too fast to reduce compression much.