To answer your question, yes it matters. If it is too loose it will not perform as well as it can. If it is too tight you could have problems with seizing. Since it is a 2005 and you have it apart, I assume it has some miles on it and needs a rebuild. If you can feel any ridge at the top of the cylinder, I would get it diamond honed and measured so you don't waste money, time and HP.
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