I don't think it needs much more than 1/2" travel, but I seem to remember that it's gone beyond hope when it gets that low. I don't think they ever reach 55mm!
I'm certain I did a guide on here about 8 or so years ago for setting up the flywheel drive straps, setting the clutch return stop and throw put stop, checking each component for fault-finding etc after having the problems I had. I know I only had a small amount of throw and that the only 'fix' for me was a new pedal shaft as it had worn badly. I just can't find the thread at all though. I will keep looking today, but it must have been in a reply to someone else or maybe it's now closed/archived. I only did it because I happened to take a load of photos as I stripped it down.