100% Y-Axis Scale: (exact scale - 23x118 pixels)
80% Y-Axis Scale: (ideal, but produces clipping issues - 23x92 pixels)
70% Y-Axis Scale: (looks odd, but no clipping issues when reduced - 23x80 pixels)
I know of 3 parameters that control the size of the sprites used in Lomo:
field_24[0]:
- length
- field_1
sprites[0]:
- bogeypos
At my best guess, length and field_1 control the object's front and rear spacing, and that it might have to do with half of the total length (in pixels) of the actual sprite. The number contained in bogeypos is completely a mystery, as it doesn't appear to have anything to do with pixels or feet, nor is it centered on the object unless length and field_1 are in set properly.

FWIW (and as far as I can tell), a properly set object should have one coupler touching the border of the display window when purchased; have its bogeys in the correct position; and have 3-pixels of spacing between the end coupler and the text description.
I've played with different values in all three variables with interesting effects for each. However, I haven't been able to nail down exactly how one variable affects another. Sometimes I manage to get close, but never exact, and it's my opinion that getting the values correct will help overcome the clipping in the game. Remember, I'm just guessing here.
Comments?