The chambers in the J head can vary anywhere from 68-75 cc, so it is impossible to tell you what you will have for compression without measuring them first. But guessing you're on the high side and that you have 73 cc chambers now, and those pistons are the L2316F forgings with 7.5 cc valve reliefs, .020 oversize, and your deck height is the exact blueprint spec 9.60 inches, and you will be using a standard .039 thick Fel-Pro gasket, then you'd go from just under 9.3:1 compression before the milling to 9.9:1 after.
As you can see, there are a lot of variables that will affect the answers. Give us a little more info and we can give you more accurate responses. Production tolerances were too great to give a pat answer, those 10.5 pistons are advertised as such based on assumptions made by Federal-Mogul that almost assuredly won't be right for your specific engine. The only thing I can tell you for sure is that the combustion chamber of a J head will decrease in volume by .0048 cc for every .001 milled. Unless you know where you're starting from, what you end up with is a guess.
As for clearances, you really need to check those during assembly.
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