Now I'm no expert but IMO only .020" over isn't a whole lot past standard, in regards to metal left between the cylinders you still have a good size there so it's still pretty safe. The head gasket will still have a good clamping surface size.
On a side note if this is the first bore look at getting the bore centers moved out the 0.015thou (I believe it is), cylinder 1 goes towards the waterpump and cylinder 4 goes towards the clutch, cylinders 2 & 3 stay where they are. This will give you more metal in the cylinder walls between 1-2 and 3-4 and lets the block get bored out the 1380 or bigger in the future.The choice of pistons is important when considering compression ratio. High compressing can cause pre-ignition (pinging) and can damage/burn out pistons quicker, so a good quality piston is essental. Of corse exact and controlled ignition and fuelling you'll get from an ECU can help.
Have you done any reading up on what the UK boys have been doing in regards to turbos and SC's, (boost is boost, it doesn't matter what unit creates it the engine will still react the same).
What boost pressure do you want to run

I think the std SC12 makes around 8psi at 5000rpm (correct me if I'm wrong) so you could probably get away with a comp ratio of around 9:1. The lower the CR the less performance you'll have off boost but SC's build boost quicker than a turbo so you probably won't notice and "lag".
Also look at what CR a std 1275 has, 9:1 is about std so I'd say your safe around there. I wouldn't go to 10:1 on a boosted engine unless your going E10 fuel.
If it was my engine I'd go for a std or below std CR of a NA engine and then only run 5-8psi for a long life engine.
What boost do you want to run
Are you planning on using pump fuel

(98 or higher).
Are you going to run an intercooler or water injection
