Believe me, there is no clearance issue on pre-Roadster models with the 130/240 combo. Mind you, Ive always run with Rivco floorboards, so I can't speak to the clearance with OEM Triumph setups.
Scott I thought that the Commander II 140 was every bit as good a tire as the Exedra Max. It is a Z rated radial with Aramid belts and mine wore very evenly for nearly 9,000 miles.
The smaller front tire dramitically improves turn-in and tracking, while the overall feel of a 200 pound lightening of the bike makes handling overall much better as it requires alighter rider input - actually making the R3 quite flickable for a big girl.