I honestly don't remeber how much was machined off my caps. You need to measure the base circle diameter of a stock cam and subtract the base circle measurement from your new cam. Divide that number by 2, and *i think* that is how much needs to be machined.
Between 0.02" & 0.05" is not uncommon.
Dozer, when using hyd lifters, the caps need to be machined as the base circle of the cam is usually a little smaller after the cam is ground, this difference needs to be made up either by reducing the height of the caps or using lash caps of given thickness on the valve stem tips.