The 
FalconSixPerformance manual helps think through a reasonable build schedule.  Head and other work can start with measuring current 'CC.s of compression chambers of head used.  Confidence in projected CR - static and dynamic depend on reasonable figures for the cam selection and machine work.  Drivability upgrades for modern times, , cruise and show or real hot rod six money, planning the basic engine work can optimize your goal.
	
	
		
		
			I got a quote from a shop here in town for all the machine work. They came back with something like $600 to hot tank, magnaflux, install new guides, complete valve job and cut for oversize valves, mill off 1 bbl boss, and 0.070" milled.
		
		
	 
 sounds like a plan' ,  the .070 cut will raise the compression ratio to figure.  
 My '63 wagon 170/5200/T5 gets @ 25 MPG but the worked D7 head running close to 10:1 SCR (48cc CC's and metal shim gasket) uses 93 octane minimum... , the '61 runs race gas at the track with 274 cam / 500cfm+ 2Bbl / blueprinted HiPo 250  (bored to 258) ,will shift @ 5000 RPM. 
 have fun
v  .  

  .  
.. machinist asked 
NOT to cut D6 250 head with OEM 62cc chambers at all for needed
 low compression project: