If you mean Ford heads the standard deck thickness is .260 inch. How much can be removed before gasket retention becomes a problem would depend on the cylinder pressure the engine is capable of. With a "street engine" I would probably stop at .080 off. It would be very unusual to find a stock head from which .080 can be removed without serious piston rub. About .050, on a virgin head, is the limit to avoid dome re-cutting.
As for the warping or heating, that would seldom be a problem. Actually, when milling is done you are raising the CR and reducing the heating affect of combustion. So, the engine would tend to run cooler.