RE: RV-4 Engine mounting problem...
G'day Mate,
Can you move the cowl out 1/4", then you will only have 1/8" clearance, 1/4" isn't much, you don't have to follow the rules, if it won't fit adjust as required, anyway, 3/8" isn't a problem, from cowl to spinner.
Don't worry about balancing, that's why batteries are made to be moved.