Your old scope is 33mm, new is 40mm. That is a difference of 7mm.
You need to divide that in half - half that difference will be 'up' half will be 'down.'
3.5mm - that's just over 1/8" (1/8" = 0.125", 3.5 mm = 1.38"). Your clearance is about 0.25"
You should be OK... this assumes that the wall thicknesses of the scopes are similar.