Ever since I put a 261 in my 37 Chev pickup, I have noticed that the fan clearence has been very close. On mine it was about 1/2".
Recently I installed a new water pump and went to a double pulley set up for air conditioning. That caused me to go to a flex fan and even with the flex fan, clearence is still about 1/2".
I've had people make comments about it to me about it. One person said it seemed close, but he guessed the closer the better when it comes to cooling. The other comment I got was also about the clearence and then he added the comment, "I guess if the fan goes, it will tear up the radiator and everything else, but I suppose it would do the same thing if it was 1" from the radiator."
That made sense to me and ever since I haven't given much thought to it.
I think you're OK at 1/2". Short of some major work, that's probably where it will have to stay.
You could go to a flex fan with a small spacer and move further away from the radiator. In fact a flex fan in itself, without a spacer, would move the fan 1" to 1 1/2" away from the radiator.