AN LGT HAD AN NMAC RIGHT AFTER TKOF AT RNO WITH AN SMA.

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RENO CANNON INTL ARPT; RWYS 34L/R IN USE. WIND 290 DEGS/12-15 KTS; VMC. A SINGLE ENG LOW WING ACFT TOOK OFF ON 34R. APPROX 1 MIN LATER WE WERE CLRED FOR TKOF ON 34L. AFTER THE 'GEAR UP' CALL I PUT THE GEAR HANDLE UP AND LOOKED OUT TO CLR OUR FLT PATH. I CALLED OUT 'TFC R 1 O'CLOCK LEVEL; CLOSE ABOARD.' THE CAPT SAW THE TFC APPROX 400 FT AWAY AND BANKED L. A COLLISION WAS NOT IMMINENT BUT OUR DISTANCE HORIZONTALLY NEEDED TO BE INCREASED. WE PASSED BY HIM IN A MATTER OF SECONDS AND CAME BACK ON COURSE. TWR QUERIED OUR L TURN. THE NUGGET 1 REQUIRES A R TURN AT THE 'NO' LMM. WE TOLD TWR WE WERE AVOIDING THE ACFT AT OUR R 3 O'CLOCK AND THEN WE WOULD PROCEED WITH THE SID. XWIND FROM THE W (OUR L). IF YOU MAINTAIN RWY HDG UNTIL THE 'NO' LMM THE XWIND WILL PUSH YOUR GND TRACK TO THE E. INTO THE OTHER RWY TFC ABOUT 800 FT AWAY; IF THEY ARE MAINTAINING A RWY HDG GND TRACK(?) THE SINGLE ENG ACFT WAS INSTRUCTED TO 'MAKE A R 270 DEG ON COURSE' AFTER TKOF. HE HAD NOT STARTED THAT MANEUVER WHEN WE PASSED HIM. THE 2 ACFT WERE TOO CLOSE; WE WANTED MORE AIRSPACE BTWN US. IF WE HAD BLINDLY FOLLOWED THE SID AND MADE OUR R TURN AT THE 'NO' LMM OUR FLT PATHS WOULD HAVE CROSSED; ON DEP; CLOSE TO THE GND.