That extra belt tensioner Homer Simpson has added is trick. (What is it, and where can I get one..?)
OK, on the head, I've only delt with a Turbo piston'd engine, and coated ones at that.
I think a domed piston is the way to go if you are building a complete motor.
On a budget, and if your only going to pull the head, then shaving it is a way to raise the CR, but as noted by many, brings up other gremlins you might not like in your search for more power.
1) Have to run high octane fuel.
2) Potential for valve to piston contact if the amount of material removed is extreme. (Not likely with the amount your talking about however.)
3) Timing changes. (Resolved with gears, or Homer's idler..)
4) Squish area, and combustion chamber shape changes. (The great unknown.)
Here is my take on this, and what I did on my stroker motor head.
It was machined only after we determined that the cam saddles were flat. (IE: The head was not warped.)
I don't have the exact figure of how much was removed, but it was not a small amount IIRC. Like 40thousands? That sounds about right, but it's been a few years.... Also my pistons are 9:1 to start with, but I changed my combustion chamber CC amount, so I really have NO idea what the final static CR really is actually.
I used a stock head gasket from the rebuild kit to protect the head, and while it was placed over the head, unshrouded the valves, and removed all sharp edges in the chambers. I have 1mm OS valves, so the valve seats had been cut for them, and we opened up the seats slightly too. Part of this work was porting the intake and exhaust runners, and just under the seats where there was quite a bit of sharp excess material that would screw with flow.
I removed my exhaust valve guides that projected into the runners. I tapered the intake valve guides and ramps to enhance flow. (They look like airplane wings now, where the exhaust ones are completely gone to enhance volume.. My own theory, but it seems to have worked OK on this motor.)
Anyway, the final deal, and why I think this worked as well as it has...
Coatings.
I coated the combustion chambers with thermal barrier coating. The same stuff that is on the piston crowns. (Very reflective to heat, and it distributes any heat that it does absorb across a wider area, reducing the possiblity of a hot spot.)
I coated the exhaust ports with thermal barrier coating. (OK, so that might be overkill, but why lose the heat to the coolant/head when I can use it to run the turbo?) The exhaust manifold is coated inside with thermal barrier, but it's not the same as the barrier used on the pistons/exhaust ports. It is smoother. The exterior is coated with a ceramic based thermal barrier as well as wrapped now. (My old system was a stock ported manifold, with these same coatings, and the stock heat shields coated.)
The intake ports are coated with thermal dispersant. The intake manifold is coated inside and out with thermal dispersant too. (As is the engine block, head outside and all possible coolant passges)
Valves are stainless, and come polished, but I measured the part that is always in the runner, and coated them with thermal barrier below that point from the stem down over the face etc. This is to keep as much heat out of the valves as possible.
I used the stock head gasket as a "template" to thermal barrier coat the combustion chambers, and then brush applied thermal dispersant to the coolant areas of the head with the gasket/template removed.
The cam saddles are coated with molydisulfied to reduce friction there as well.
The pistons are coated with moly on the skirts, thermal barrier on the crowns, and thermal dispersant on the underside.
The downside to all of this is cost. It's not cheap, and it's time consuming, and detail work that takes patience and you need access to an oven with good heat control and that will fit your engine inside of it...
The upside is you promote all the thermal actions of the engine in a positive way. And it protects your expensive engine parts from detonation better than uncoated parts. (This might allow you to get away with higher CR on a hot day for example.)
Also the fuel economy was an un-expected benefit. My car, with the ported stock manifold, a bolt on T4, the 550's and Lexus mod, with a E-manage blue, but running the stock O2 in closed loop, so 14.7:1 AF's averaged right at 30mpg fuel economy at 80mph steady running down to Vegas an back a few years ago. (Should be better now, as I've improved flow out the exhaust side, and somewhat the intake side as well.)
What I'd try on your head build is shaving your head, that's cost effective for you at this point. But I'd also clean up the intake and exhaust ports, especially under the valve seats, and I'd do the coatings if you can.
Heck, while you have the head out, change the valve springs to the comp cams ones, replace the valve seals. (And while your valves are out, you can port the head... be careful and do not hit the seats!)
Any improvements to flow seem to be a good deal, and any improvements to thermal handling also benefit.
I believe the coatings saved my motor too. (Serious detonation, broke two spark plugs, but did not melt the ring lands, or anything that I was expecting to see when I replaced the plugs, and the engine ran fine, no loss of compression etc.)