See if any of these formulas do what you are needing.
Note: I used 0.050000000001 instead of 0.05 because if a part was exactly 0.05 above the target value, it would not find a match due to Excel's floating point decimal issue.
<b>Excel 2003</b><table cellpadding="2.5px" rules="all" style=";background-color: #FFFFFF;border: 1px solid;border-collapse: collapse; border-color: #A6AAB6"><colgroup><col width="25px" style="background-color: #E0E0F0" /><col /><col /><col /><col /><col /></colgroup><thead><tr style=" background-color: #E0E0F0;text-align: center;color: #161120"><th></th><th>A</th><th>B</th><th>C</th><th>D</th><th>E</th></tr></thead><tbody><tr ><td style="color: #161120;text-align: center;">1</td><td style=";">Dimensions</td><td style=";">Part</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">2</td><td style="text-align: right;;">0.75</td><td style=";">Item1</td><td style="text-align: right;;"></td><td style=";">Dimension:</td><td style="text-align: right;;">10.45</td></tr><tr ><td style="color: #161120;text-align: center;">3</td><td style="text-align: right;;">1.5</td><td style=";">Item2</td><td style="text-align: right;;"></td><td style=";">Exact Match</td><td style=";">Item17</td></tr><tr ><td style="color: #161120;text-align: center;">4</td><td style="text-align: right;;">1.75</td><td style=";">Item3</td><td style="text-align: right;;"></td><td style=";">First Closest Match:</td><td style=";">Item16</td></tr><tr ><td style="color: #161120;text-align: center;">5</td><td style="text-align: right;;">3</td><td style=";">Item4</td><td style="text-align: right;;"></td><td style=";">Last Closest Match:</td><td style=";">Item18</td></tr><tr ><td style="color: #161120;text-align: center;">6</td><td style="text-align: right;;">3.9</td><td style=";">Item5</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">7</td><td style="text-align: right;;">5.1</td><td style=";">Item6</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">8</td><td style="text-align: right;;">5.25</td><td style=";">Item7</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">9</td><td style="text-align: right;;">5.4</td><td style=";">Item8</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">10</td><td style="text-align: right;;">7.2</td><td style=";">Item9</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">11</td><td style="text-align: right;;">8.4</td><td style=";">Item10</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">12</td><td style="text-align: right;;">8.7</td><td style=";">Item11</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">13</td><td style="text-align: right;;">9.15</td><td style=";">Item12</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">14</td><td style="text-align: right;;">9.25</td><td style=";">Item13</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">15</td><td style="text-align: right;;">9.6</td><td style=";">Item14</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">16</td><td style="text-align: right;;">10.1</td><td style=";">Item15</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">17</td><td style="text-align: right;;">10.4</td><td style=";">Item16</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">18</td><td style="text-align: right;;">10.45</td><td style=";">Item17</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">19</td><td style="text-align: right;;">10.5</td><td style=";">Item18</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">20</td><td style="text-align: right;;">12.45</td><td style=";">Item19</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr><tr ><td style="color: #161120;text-align: center;">21</td><td style="text-align: right;;">12.75</td><td style=";">Item20</td><td style="text-align: right;;"></td><td style="text-align: right;;"></td><td style="text-align: right;;"></td></tr></tbody></table><table cellpadding="2.5px" rules="all" style=";background-color: #FFFFFF;border: 1px solid;border-collapse: collapse; border-color: #A6AAB6"><thead><tr style="background-color: #E0E0F0;text-align: center;color: #161120"><th><b>Sheet2</b></th></tr></td></thead></table><br /><br /><table width="85%" cellpadding="2.5px" rules="all" style=";border: 2px solid black;border-collapse:collapse;padding: 0.4em;background-color: #FFFFFF" ><tr><td style="padding:6px" ><b>Worksheet Formulas</b><table cellpadding="2.5px" width="100%" rules="all" style="border: 1px solid;text-align:center;background-color: #FFFFFF;border-collapse: collapse; border-color: #A6AAB6"><thead><tr style=" background-color: #E0E0F0;color: #161120"><th width="10px">Cell</th><th style="text-align:left;padding-left:5px;">Formula</th></tr></thead><tbody><tr><th width="10px" style=" background-color: #E0E0F0;color: #161120">E3</th><td style="text-align:left">=INDEX(<font color="Blue">B2:B21,MATCH(<font color="Red">E2,A2:A21,0</font>)</font>)</td></tr></tbody></table></td></tr></table><br /><table width="85%" cellpadding="2.5px" rules="all" style=";border: 2px solid black;border-collapse:collapse;padding: 0.4em;background-color: #FFFFFF" ><tr><td style="padding:6px" ><b>Array Formulas</b><table cellpadding="2.5px" width="100%" rules="all" style="border: 1px solid;text-align:center;background-color: #FFFFFF;border-collapse: collapse; border-color: #A6AAB6"><thead><tr style=" background-color: #E0E0F0;color: #161120"><th width="10px">Cell</th><th style="text-align:left;padding-left:5px;">Formula</th></tr></thead><tbody><tr><th width="10px" style=" background-color: #E0E0F0;color: #161120">E4</th><td style="text-align:left">{=IF(<font color="Blue">ISERROR(<font color="Red">INDEX(<font color="Green">B2:B21,MATCH(<font color="Purple">1,IF(<font color="Teal">ABS(<font color="#FF00FF">A2:A21-E2</font>)<=0.050000000001,1,""</font>),0</font>)</font>)</font>),"No part within 5%",INDEX(<font color="Red">B2:B21,MATCH(<font color="Green">1,IF(<font color="Purple">ABS(<font color="Teal">A2:A21-E2</font>)<=0.050000000001,1,""</font>),0</font>)</font>)</font>)}</td></tr><tr><th width="10px" style=" background-color: #E0E0F0;color: #161120">E5</th><td style="text-align:left">{=IF(<font color="Blue">ISERROR(<font color="Red">INDEX(<font color="Green">B2:B21,MATCH(<font color="Purple">9.99E+307,IF(<font color="Teal">ABS(<font color="#FF00FF">A2:A21-E2</font>)<=0.050000000001,1,""</font>)</font>)</font>)</font>),"No part within 5%",INDEX(<font color="Red">B2:B21,MATCH(<font color="Green">9.99E+307,IF(<font color="Purple">ABS(<font color="Teal">A2:A21-E2</font>)<=0.050000000001,1,""</font>)</font>)</font>)</font>)}</td></tr></tbody></table><b>Entered with Ctrl+Shift+Enter.</b> If entered correctly, Excel will surround with curly braces {}.
<b>Note: Do not try and enter the {} manually yourself</b></td></tr></table><br />