1. You don't really need to remove the heads unless you do plan to make upgrades.
2. The best you can do is ball park compression unless you remove the heads to measure the bore, stroke, cc the heads, etc.
3+4. To some degree this will depend on the cam. If it can't make use of the additional flow potential of the large port, large valve heads then replacing what you have may not be a benefit in that respect. However, everything else equal you will gain about 1 point of compression and that will help everywhere in the operating range of the engine. However, if anything has been done to optimize compression, they could increase it beyond what is manageable with pump gas. So if it has a smaller cam and domed pistons, maybe not a good idea. But if it has a bigger cam and or flat tops, there should be some noticeable benefit.
Lawrenceville, GA