Let me suggest that you start with a good cleanup of the head, and do a CC check of the stock combustion chamber. You'll need to have the valves and spark plug installed on at least one combustion chamber, and a clear plastic cover over the chamber with two holes, one to pour the checking liquid into, and a vent hole to let the air escape. I use Vaseline to seal the plexiglass down to the head surface. Rubbing alcohol with a little food coloring in it makes a good checking medium. Use either a big syringe graduated in CC's, or a Burette cylinder if it's in the budget. The last Burette I bought was a 100 CC capacity, and it cost me about 50 bucks.
On a 76CC small block Chevy head, a .100" angle mill reduces the volume to 60CC, which gives more compression than a very expensive "Camel Hump" head for a 300 HP 327. I also install oversize intake and exhaust valves and do a little pocket porting. The head also has the "low compression" casting number, which makes the claimer engines that I build technically "legal" at the round tracks we run.
Let me reccomend that you start off with about a .100" or maybe .125" angle mill job, followed by a CC check. You can always cut a little more if you need to- - - -it's impossible to put metal back once it's gone!
Jerry
Edit: looks like the price went up since I bought my CC kit!
http://cgi.ebay.com/100mL-Glass-Bur..._DefaultDomain_0&hash=item2c5ddcad77Jerry