Howdy Back Jammer:
The reason I asked about the head gasket is that if it is an original FoMoCo steel shim gasket, the head is likely an uncut original. If it is an aftermarket it has likely had a valve job some time in the past 38 years. It is very usual for the head rebuilder to do a clean up cut ot .010" or .020" to true the hed surface.
A C5 head casting chamber will typically measure in the 48 to 54 cc range, with the majority in the 51 -52 range.
If you want to be exact, you will need to clean the chambers and re-cc them, buy a gasket set and measure or read the manufacture's compressed thickness. Plug all that into the Compression Calculator on our website (below) and change the ccs until you reach your desired CR goal. It is most accurate to cc the chambers after the valves have been installed for the final time. Cutting the new seats will drop the valves a little, slightly enlarging the chamber.
If you just want to be "In-the-Ballpark" of maintaining a stock CR, have the head milled about .025" to .030".
If you're having a valve job done, do invest in having hardened seats installed, a three angle valve job and back cut the intake valves with a 4th top cut. I would suggest that you reinstall using hardened washers on the head bolts. They help spread the load and are cheap insurance against a bolt bottoming out in its hole.
Adios, David