I don't think there is really a right or wrong way.
You can gain a fair bit by zeroing the deck of the block. If you're not familiar with that terminology, the piston top is usually lower than the block surface at top dead center. If you remove enough material so that it is flush the compression will increase and detonation resistance may also increase. This alone may not require a change in the grade of gasoline. Zeroing will require the thicker head gaskets that come in most gasket sets because the shim gaskets will now place the piston too close to the head.
Milling the heads is another option. Domed pistons are another. If it were me, I'd zero the deck and go from there.
I think Ted has said that with G heads every .0065" removed from the surface reduces the volume by about 1cc. Some quick math indicates about .1 point of compression per cc. Take time to actually do the math when you are figuring this all out, though.
I'd shoot for 9.3ish (you may be thinking "well it's 9.7, stock." That's advertised. Forget that, it's not 9.7) and if you really want to get fancy, make a decision on the cam and then figure out which static ratio is required for a dynamic ratio which is suitable for the grade of gasoline you wish to run.
Some links about dynamic compression:
http://www.y-blocksforever.com/forums/Topic57116-3-1.aspx?http://www.y-blocksforever.com/forums/Topic46641-3-1.aspx?http://www.y-blocksforever.com/forums/Topic44558-3-1.aspx?And much more is available by using the search function.
Lawrenceville, GA