I am not conversant with the Reeves clock Peter but assume the wheels are of a comparable size to those in most others clocks made in the home workshop, In this case, it is unlikely that you will want to reduce the diameter of the pinion which will have very little effect on the eventual centres of the pinion and wheel.
Why then are you considering making a new wheel, I would suggest the following.
Set the existing wheel up as you originally did and align the cutter with the gap between two teeth. With that done, set the cutter a little deeper, say 0.05mm and re-cut all the spaces. You will end up with the same size spaces but very slightly narrower teeth. This will be exactly the same as you will get if you make a new wheel.
You may need to set the wheel up on the lathe to reduce the diameter by 0.1mm if re-cutting the teeth as above does not achieve this, perhaps though, it would be worth doing first.
Unless I am missing something, I think it is worth a try, nothing to be lost.
Incidentally, I am in the process of making a clock and it has two wheels, both with 96 teeth, but one on a smaller diameter than the other. This is to give clearance to the next arbour, indicating that the theoretical diameter, number of teeth and cutter mod size combination, is not rigidly adhered to in clock making.
Harold