Hi Doug,
For some threads drilling the hole larger makes a huge difference.
It depends on material, tap condition, and final use.
I like this tap chart form Little Machine Shop:
https://littlemachineshop.com/reference/tapdrill.php
(notice the link at the top of the page to download a printable PDF version..... I laminated it for shop use)
I have found 50% threads in steel work great for me and make tapping almost a joy.
That chart indicates that for a #5-40 tap:
to cut 75% thread in softer material (aluminum, brass and plastic) to use a #38 (0.1015") drill.
to cut 50% thread in harder material (steel, stainless, iron) to use 7/64 (0.1094") drill.
That's why
@twhite asked above about the final use of the thread. If it will be used often and therefore subject to wear (especially if softer materials), you should leave more material for thread strength.
I'd recommend trying both hole sizes above. There's noting like seeing for yourself to prove the point.
You might even decide to tweak the values up or down based on your experience.
Brian