Lift will be .529" with the 1.7 rockers.
To figure that out just divide the .498 by 1.6 to get lift at the cam lobe, .311 . Then multiply that by the 1.7 ratio you want to use.
Don't use the total lift height as the only determining factor. Something else that comes into play is the speed of lift, or "ramp speed", of the cam lobe. Two cams can have the same amount of lift but the can each get there at different speeds, then duration also comes into play.
1.7 rockers also increase valve speed over 1.6, but this amount is small. How much affect it will have depends on other cams specs as well.
Steve