To raise compression on my FJ40 2F during the rebuild I decked the block and Shaved the head as well as a new cam shaft RV grind.
With our doing a complete rebuild you could do a valve job, have the head shave and replace the cam shaft with on with a RV grind.
I stand ready to be corrected, but...If you check compression and get whatever reading then you squirt oil in that same cylinder and the number goes up, you have a ring/cylinder wall problem that will NOT be corrected with a valve job. If the number does not change, you MIGHT help compression with a renewed head, ie valve job., surfacing, head gasket. However, renewing the head with a weak lower end is asking for trouble, IMHO. Lower compression will affect your performance, but if all your #'s are within tolerable limits and you don't have any other glaring problems, do the whole thing at the same time. In other words, all things remaining equal, most parts wear out at the same pace, doing a valve job will only put more strain on other worn parts.
Hope this makes sense. If you don't have a steady miss, don't obsess on the compression #'s.