@Jon-the clearance for true 650x42s is about 3mm. I say true because my experience with three different brands has yielded two different widths. Rene Herse 650x42s actually measure 40mm in width while both Panaracer Pari Motos and Gravel Kings measure a true 42mm, all on Velocity A23's.
Obviously the Rene Herse will give you close to 5mm clearance which to many is better. I prefer the 5 mm clearance myself but really like the Pari-Motos. I currently am running the Herse's on another bike, and since the clearance issues are with the chain stays and not the front fork, I may trying running the Pari-Motos on the front of both bikes and the Horses on the rear.
You would not expect a 2mm width difference to matter much but it does add just a bit extra cush and on gravel adds additional stability and confidence.
Also, a part of the discussion for your consideration should be brakes. There has been a lot of discussion on this, bob and 650b groups about the lack of stopping power of Tektro 559s, particularly when the brake shoes are at the end of the slot as is required for 650b conversion. I have not personally experienced lack of stopping power. I try to avoid riding in the rain, do not have long decents and perhaps my big mitts are strong enough to compensate for the lack of leverage. YMMV.