you don't need to lower the compression, all it would gain you is the ability to run more boost on pump gas and you can already run enough to break stuff with the stock compression.
Honing the bores as long as it's just a cleanup type deal won't require a piston change, boring it will however.
If the compression was fairly good before you took it apart I'd just go with it and replace the whole shortblock when the thing lets go, but I've been known to do stuppid **** before too like 30+ psi with a head gasket that I know isn't happy and coolant temps over 200 at the start of a pass
stock motors are cheap, think of it as a wear item like a clutch or breaks.