I'm setting up to assemble my wife's new bike, a steel Georgena Terry frame/fork built by Waterford. The question has to do with the allowable length of the steer tube above the headset. How long do I leave it if I use a tall-sleeve stem, like the Velo-Orange "Tall-Stack" stem? It has a longer sleeve around the steer tube, length is 75 mm. For a normal stem, it's more like 40 mm for a Velo-Orange, or 36 mm for a Thomson Elite X2.

Waterford advocates no more than 40mm of spacer between the stem and the headset. I assume this 40 mm includes a brake housing stop for the front brake (we will use canti brakes). For a standard stem, that means the steer tube should show 76 mm (if I use a Thomson stem), or 80 mm (if I use a standard Velo-Orange). But if I use a Tall-stack stem with a stack height of 75 mm, could I make the steer tube 115 mm long above the headset? Will this cause any problems?