Pros and Cons of grinding/polishing combustion chambers smooth?

It is time consuming to do a nice job---con.
It does retard how quickly carbon will build up in there, but it will build up eventually anyhow, smooth in form comparatively tho'---pro that diminishes with time.
Heat rejection is improved, but the amount is debatable & the effect degrades with the inevitable progression of the above---pro that diminishes with time.
The next time You've got 'er torn down, they'll clean up a lot easier---pro
You won't be removing more than 1-2cc's at most just doing that unless You start relieving the chambers on purpose, and there's really none on a smallblock to do,
so I wouldn't anticipate a problem with the squeeze. I have seen BB 906's (more than a couple) that have the chambers that represent cyl's 3&6 cast ~.025" shallow
compared to the rest,..that is an issue, and I've corrected them.

Yeah but a quick suck of SeaFoam through a vacuum hose will clean any carbon right on up.