many people have done it. Generally it's just used to even out the head when it gets warped over time, only a few thousandths though. When you're talking about milling the head for compression, you're talking around 30 thousandths. Bad effects... um, raised compression? LoL. The only thing bad that can happen from this is if you have high lift cams, you'll want to make sure you're not going to tack a valve to the top of the piston. Other than that, there's no bad effects of it.
I have a friend who milled his B16 head 40 thousandths and he has had no problem because he was able to easily adjust his timing belt tensioner (sp?).
The Prelude on the other hand has a hydraulic tensioner with crap for adjustment in comparsion to B series goes. In other words, you might have a loose timing belt if you mill an H series head to much.
I can't really say how much faster it will be, but I'll try to put it into relative perspective for you. I have a '92 Si with h23... it has 9.8:1 compression. If I were to raise it to 10.8:1 (1 point of compression), I would probably yield AT LEAST 15whp. Get it? So, basically, it'd make a dramatic difference.
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Josh's '92 Milano Si (5spd)- The mod list is growing!!
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