It's a liner lock. If you change the relationship between the blade and the liner, you will affect the lockup geometry. Without doing the math, can't tell you how much, but it will change somewhat. If you do decide to do it, you should make sure you are able to measure things properly (have a micrometer), and be able to modify the parts involved and maintain parallelism. Also realize that by reducing the gap between the blade and liners, you are increasing the tolerances required to maintaing a smoothly functioning knife. You are in effect having to remake the knife to higher tolerances than it was originally designed. I wouldn't consider this trivial. Fun? yes. Trivial? no.
This is a very good explanation of the difficulties involved with going to thinner washers.
I would also add that machining/sanding/working with titanium is way more difficult than steel.
I honestly don't understand why people want/need a smoother pivoting knife. It's only pivoting when you open/close it, not when you use it. Just my opinion.
I want a smooth pivoting knife because I have to open a folding knife every time I use it.
I don't want it so badly that I'd use washers that weren't a direct replacement, and endorsed by the factory. Emerson's warranty and customer service are excellent, and not worth risking for something trivial, especially when they're the only company I know of that supports customers taking their knives apart for cleaning and maintenance.