1/16 inch compression rings with a 3/16 oil ring is the norm today for hi performance street engines.
On the 302 GMC inline I just built,got Venolia forged pistons,1/16 inch rings.Venolia recomended the narrow compression rings for street use,same as the machinist who bored the block.I figure Venolia been making pistons for 50 years,they gotta know something.
I was also told by several piston manufacturers the way the forged piston is machined is what controls expansion and the fit in the cylinder.
My GMC runs .005 clearance on the pistons,there is no mechanical piston noise at all,not even when started on a chilly morning.