You can overbore in production all you want, so long as you don't exceed the class size. For example, I know someone who overbored an 883 Sportster to 997cc and set a Production class record.
In classes other than production, you can exceed the class displacement by .020 of bore size. At least that's the way I understand it, and the way it's been applied when I've done it.
For example, my 1650cc bike is a 4.000 bore by 4.000 stroke, 2 cylinder (that's not an original HD size). That works out to 1647.4cc. However, at 4.020 bore, it's 1663.9cc. But it's still legal in the 1650cc class.
For that matter, I believe I could take it all the way to 4.023 bore, because with a 4.003 bore it's still under 1650cc.