Is it mechanically possible without damaging the head or making problems? Yes. Is it the right idea? Maybe, could be, probably not. Just shaving this much or that much metal off the head is the wrong way to do it. You really need to calculate your combustion chamber volume accurately, factoring in the piston deck height and cylinder head gasket compressed thickness, and figure out your actual compression ratio, and then you can make a smart, informed decision as to how much to shave off the head and/or block.
