buckshot,
I found this searching through available manuals at oldcarmanualproject.com.
Manual is for 1955 2nd series, so should apply to your '57 as later "Truck Supplements" showed no changes to this information through '59.
This info notes the "reamer" size to be 1.110", which would give you a clearance of 0.001" for king pin size of 1.109". Should be just right IMHO.
King Pin Reamer InfoLet us know how it turns out.
