It's obvious the heads have to stay. On an engine like this, with this type of bird, and with restoration in mind, the 12's need to be on the YZ block. So I understand the OP's purpose entirely.
The compression isn't going to be outrageous even if a flat top piston was at or very near zero deck, and could manage pump fuel fine with the right camshaft, I'm doing it with an 068, but I'd recommend a little bigger to keep things a little safer at that compression ratio.
It's really going to come down to how much money the owner is willing to spend to accomplish his goal. If he wants to leave it the way it is and use a non adjustable valve train then I see no other choice but to stick an 068 in and button it up, hope for the best. With pistons .040" in the hole the compression has to be pretty dismal anyway.
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