Is it OK to take .050 off the cylinder head?

I'm probably asking a dumb question cuz I'm sure it's been discussed to death, but is .050 too much from the head? I've got a blown head gasket on my 1965 Crew Cab Dodge truck with a 225 in it and I'd like to get a little more compression out of the thing. Don't really feel like pulling the engine out of it to have the block decked, so I figure I can shave the head instead.

And yep, the crew cab is going to be used to tow the 1965 Valiant to shows and stuff.....

Wayne
Austin, TX