Stang';
When I first rebuilt my 200 (79 Fairmont, D8 head), I used the Victor gasket (.045" assembled) and the CR came out less than 7.8:1.
I milled the head .010" and switched to the steel gasket (.018" thick) to get it up from the original 8.0:1 (calculated) to 8.6:1. I can run the junkiest gas I can find with 10 degrees static advance (36 degrees total) with no ping.
The original head's chambers CC'd out at 60cc. After milling, they CC'd out at 58cc. If you mill (or already milled) too much, then the valves could end up hitting the pistons. My valves clear the pistons by about .060" after the .010" mill, and my deck height (average) was around .044".