Point is unless your going for a GT28RS and 300+ HP, the compression ratio is prefectly fine where it is.
Its also basically a full engine rebuild, you'd need to hone the bores, new rings, new bearings, then you may as well do the stem seals and regrind all the valves, new head gasket, bolts, gaskets etc etc.... Not to mention the cam belt and chain tensioner and oil pump too.
Its not a few hundered quid, its knocking on the door of a grand.
I get the feeling he doesnt have that kinda cash to throw around, and the money he does have would be better spent replacing the cam belt and chain tensioner, and the oil pump, so that the engine stays healthy and in one piece.