Sundance,
I set all my cylinder gaps to .007". The simplest way is to fold a piece of copy paper so it is double thickness. Most copy paper is about .0035" thick, therefore folded over= .0035+.0035=.007". i.e. a feeler guage. When I am finished cleaning the Colts, I place the paper between the cylinder and the barrel as I tap in the wedge. Once the paper is snugged up on, I am there @.007". I have CAS "business cards" printed up on .007" thick paper stock and just use one of them for my guage. That way you always have the same gap. As time goes on, the wedge will need to be driven in a little farther so there is no set distance for the wedge, I measure the cylinder gap as my standard. Also, pull back on the cylinder while tapping in the wedge as a strong hand spring will push the cylinder forward and you may think you are "there" before you really are. If your cylinder gap is too tight fouling can quickly build up on the cylinder face and cause binding. The .007 works for me but probably anything from .004-.008 will do. You can go to any copy shop and buy a single sheet of variously brightly colored paper and cut it into 1" strips for the most affordable feeler guages. Disposable too. Recycleable. ;>)