I have a 97 Lesabre.......I hear and feel some type of "clank" noise coming from my front wheel area. It happens mostly when I take off from a stop.
I feel and hear some type of clank (one time only) and it occurs about a half second after I accelerate. I also feel and hear the same noise when I
hit the brakes. it doesn't happen every time ...........but I will say it happens
80% of the time. I lifted the front end and ran the car through the gears
and there is a noise coming from the rotor slamming against studs when I shift.........could this be the noise I am hearing? It also feels like the caliper is sticking and letting loose making a clank.but this only happens when I am driving, It won't do it when it is on stands . Can a
Caliper stick like that?? I am up for any suggestions.......this noise is driving me nuts!!!!!

Pull the wheel and look, from our desks to analyze this accurately is impossible, loose caliper or bracket is just one possibility, could be the lower arm also.

Is it normal for the rotor to have 1/8 to 3/16 of clearance around the studs??

With the wheel off yes, of course.