Howdy,
You said "I have 3 stock 200 heads and wanted to play around with them a bit. I also have full access to a machine shop. Does anyone know how far you can deck the head on a stock 200 before you run into valve clearance problems?"
I'll be a Smart Alec and answer, "It depends"... Seriously. You need to tell us the casting number on each head. It will be like C9DE-6090 AA. The "C" means 1960. The "9" means 9th year... so a 1969. The casting numbers are on the firewall side on top of the log.
A 1967 head will have fewer cc's (higher compression) than a D4 (1974) head.
More is not always better, and bigger is not always better. (unless it is Dolly Parton.)
We have NEVER had Valve clearance problems.
I have ANGLED milled a 1974 62 cc head .110" with a .025 gasket to go on a 144ci block. Would I recommend that much... NO ! ! ! but I don't mind breaking a few parts to find out what works. You need to leave at LEAST .100" thickness on the gasket surface in the head. With a virgin head you can USUALLY safely go .090" with a .045 composite head gasket.
USUALLY, if you took the head off the engine, and it had a steel shim head gasket, then the head is PROBABLY stock and has not been previously milled. If it had a composite head gasket, then it has been off previously and has POSSIBLY already been milled a bit to get a flat gasket surface.
If the heads were given to you already off, the only way to know is to "cc" the chambers and see where they are at. Probably a GOOD IDEA even if you think they are virgins. The rule of thumb is that every .010" that you mill reduces the combustion chamber approximately 2 cc's down to where the combustion chamer turns into just a "D".
Go to the url link in my signature, then to the "Compression Calulator" is the left sidebar. Play with the number of cc's and watch the compression ration change.
Good luck
Dennis