If I'm ordering a new bathtub/shower insert, should it be the exact same width as my bathroom, or should I leave a small allowance (i.e. 1/4-1/2") for backer materials?

The exact width should be from the stud to stud dimension of the bathroom walls and the insert should be sized for that dimension which will have a small allowance for fit. This is assuming that you are getting a multi-piece insert. A one piece needs an opening the size of the unit and you most likely can not get into an existing house or bathroom.