I'm not sure how you would fit the wavy washer in on the DS cup and get the clip in. On both of my Ultra Torque bikes the DS arm needs to be pushed in to get the clip to seat, and then there is no play. I'm not sure how you would get the clip to seat if the wavy washer was in there. You would need to shim the BB to increase chainstay clearance.

FWIW I have about 1.5 mm clearance on my Ritchey Road Logic 2.0 with a 2014 Record chainset. I haven't had it contact the chainstay in the 12,000+ miles I have on the bike.