Advancing Cam and cylinder pressure

Just pull the head and mill it .060

that will address the real issue a lot better and not negatively affect the gas mileage.

.060 may not be enough, depending upon the vintage, slant sixes were all over the map for piston recession and cylinder head combustion chamber size.
Measure, use an online CR calculator and you can nail it.
IIRC you mill .0069 from the head for each cc reduction.