You are overthinking it I believe Gary, yes. I don't think that looking at these things in terms of percentages is helpful. The size of the blank you need is going to come down to the size of the finished pen, (taking into account the component sizes and any curvature in the profile of the pen that you might wish to incorporate), in conjunction with your ability to drill dead centre and dead straight, to turn without catches or tearout, and the integrity of the medium you are turning.
For myself, unless I'm using a blank that absolutely requires everything dead centre, (a celtic knot for instance) I don't get too upset if the hole is off centre or at a slight wonky angle because it doesn't make any appreciable difference in the finished pen. But it does mean that my blank needs to be a bit larger in order to counter that. The smaller the blank, the more care I take, and the larger the blank, the less care I need to take, but however much care I take I would probably not even bother to start unless the blank were a good 3 to 4 mm larger than the widest part of the pen, and preferably a bit more, and at that size, for me it would fall into the category of "I need to take care". 3 to 4 mm larger means that there is only 1.5 - 2mm wriggle room all round, but if you think that you don't need that much wriggle room, then you can use a smaller blank.
There is no formula, it is all down to experience, aptitude and acquired skills & knowledge