Originally Posted by
SethB
Yep. I had figured that is what the measurement is of. Wasn't sure so just wanted to reconfirm with a more knowledgeable individual.
On that note, mine measures 36.5mm, would it hurt to use a slightly smaller one? Smaller by ~4mm?
Sure; good luck trying to get that on.

Seatpost clamps come in just a few different standard sizes.