There can be varying answers depending on how the engine will be used.If you are talking rod journals the acceptable undersize can be influenced by bearing availability. What I am saying, is that a 2.135 could be ok with .002 bearings and 20-50 oil. Main bearings are more difficult to find in .002 so a nice, round, journal at 2.497 can be used. I think the more important question is "what are the vertical clearances when assembled"? Many engines have operated for many miles with .004 bearing clearance where as the spec calls for .002-.0025. Back in the "good old days" I have shimmed bearings, sanded caps and done about everything imaginable to keep my "rebuilt" engine cost in line with my wallet.
Loose bearings can be a cause of abnormal oil consumption because there is an abnormal quantity of oil being thrown onto the cylinder walls. This should be considered when deciding how much clearance to use.