milling heads for comp ratio increase

That's a lot of money to spend for just a 3% power increase........IF you're lucky. Seems counter intuitive to me. I would just leave it alone.
Well I have heard of 5-8% power increases with a one point CR increase. And it is not that expensive - it is actually the cheapest option I have. Around $120-$150 per head (Aust dollars). Compared to the other things you are thinking of - different pistons (plus then needs a rebore) $1000+. Different new cam: means new lifters also $600. New stainless valves as I already mentioned, means getting the seats recut...$650++...Getting the heads ported - big $$$ in Australia in my city $350 per head. So you can see that milling the heads is the best option - since I feel that a 9.5:1 CR will better suit the cam and 4BBL and M1 intake and headers I am using. It is only a budget rebuild, not wanting huge gains. I feel I should get a rating of 250-270 HP easily.

The bottom end is already built. I had a small solid cam lying around for years so that was no cost. I had the solid lifters refaced years ago - Heads have had four valve guides done, that's all it needed plus those seats recut to suit. Then a good lap in and all valves seat and seal well.

Thanks