S&W has long held barrel-cylinder gap to be factory spec between .003" and .010". Per Kuhnhausen, .005" to .006" is an ideal compromise between good velocity and reliable cycling with build-up at the forcing cone.
Kuhnhausen argues that after .008" velocity loss becomes a more significant issue. I've researched the seriously under-investigated or experimented upon question of velocity loss due to B-C gap. Subject to revision, but it seems that the most significant velocity loss due exclusively to gap will happen between .000" and .001" -- in other words, at a point where there's nothing to be done about it. From .002" to .020" velocity loss of about 20fps occurs every .002".
Gap, then, is a less significant issue unless 1) spitting is occurring; 2) accuracy is (theoretically) being affected ; or 3) you're using defensive ammo that due to gap-related velocity loss isn't achieving the velocity required to perform as designed.
So many other factors beyond B-C gap affect velocity -- rifling cut and condition, forcing cone angle, charge hole and throat specs, etc. -- that investigating velocity effects through the lens of B-C gap alone is futile. In the end, each gun has to be media and chronograph tested with specific loads to get meaningful data as to firearm/ammo performance in that particular gun.
That's a lot of work; seeing to it that your B-C gap is within generally recognized preferred specs is simply a smart hedge, but whether or not it will have meaningful positive impact on performance is difficult to determine.
S&W outside specs for B-C gap these days is disputed. Several members report S&W telling them that gaps in excess of .012" are in spec; certainly the number of revolvers leaving the factory with wide gaps these days indicate this, but I was recently on the phone with a very knowledgeable individual in S&W customer service who stated that maximum factory spec for gap is .010".
Shark Bait, since S&W recently replaced the cylinder on your 629, I think it should have returned to you with the B-C gap per their specs. I'd double-check to make certain you've measured correctly, and if confirmed you're at .014", contact customer service to arrange return on their dime, requesting a complete revolver inspection for serviceability and correction to factory minimum specs.