I think it's not a good idea, as long as the head is reasonably flat to begin with. The reason is, higher compression is going to move you closer to detonation unless other steps are taken, such as fattening up the A/F mixture and/or probably running $$$ aviation fuel.
Maybe if you plan to race your boat in a certain class, but to me even to get a 50RPM higher WOT wouldn't be worth the expense, I would tune for reliability/longevity (try to match factory as close as possible).
So if you do mill the head, are you planning on removing the factory airbox flame arrestor and shaving the throttle shafts, modifying the main venturi and installing a racing tuned pipe, these thinds would require recalibrating the carburetors as well most likely, so may as go all the way.
Even nitrous oxide is a possibility, but instead why not just start with a more powerful boat to kick off the modification journey, such as next year's 700hp supercharged puffer model?