If you take 0.020" off of the head, will there be enough clearance over the pistons to accommodate:
>Carbon buildup;
>Piston protrusion above the block deck.
I found out the hard way that a remaining 0.010"" deep piston relief in the head was not enough. Another problem I ran into was leveling the head for the cut. The machine setup has to have the piston relief surfaces level, not the deck surface of the head.
Without seeing some dyno data on the power & torque differences between a 5.5:1 head and a 6:1 head, I would be hesitant to cut the 5.5:1 head.
Have you looked improving the carburation for better breathing?