Tom, It has been many a moon since I made any jags for anything, but I think that .040" would result in a lot of lost patches.
When we were playing with the big bore guns, I had to make cleaning jags for them. I found early on that even the best of gun shops didn't carry anything for 8 and 4 bores. Narrow minded people.
I would go .030 instead.
A couple of hours later:
I really got to wondering about this so using my occasionally accurate dial indicator thingie, I first measured the bore of my .54 rifle. This is a barrel rebored to .54 from the original .50 cal. It came out .548, groove to groove.
Then I measured a .54 cal jag. It came out .511 on a jag made by Treso lo these many years ago.
So, it comes out .037. Pretty close to .040, Tom.
John