In engine building and machining, there are acceptable tolerances and clearances. Blueprinting for an engine or whatever, the way I understand it, technically, is done before or after the work is performed, either to establish the specifications and or to define them.
So, is this term used loosely? In my understanding it certainly is. That word does not guarentee what you want done will be done, probably someones interpretation of it maybe done, but unless you specify the actual machine work you want done, I wouldn't count on it.
In reality, your rifle is blueprinted from the factory to an extent, just not what you and I equate to blueprinting, same with a factry engine, sorry AJ, but I'm sure you'll agree. If you want minimum spec ring end gap, get oversize and start filing. If you want every oz. of oil pumped from the pan filtered, you better tap and plug the bypass valve then. Port match the intake and exhaust for best flow and scavenging to increase VE. And there is so very much more to blueprinting a race engine I won't even go into it. Makes the rifle look all too simplistic though!