Well started the strip down and it's a 225cc (70mm bore), 2 ring piston (don't know what variety) and a "Rapido Classic" (rough initial port timings Ex 168, transfer 120, haven't got down to inlet) so room for a bit of porting.
I think the squish is about 2mm (we'll have to sort that) and the head gasket is 68mm

Is this common on a 70mm bore?
I figure if I raise the cylinder by about 1mm I'll end up with about 172 exhaust and 126 transfers, and if I do away with the head gasket (1.5mm thick) squish should be about right.
Anyway, at least the picture is becoming a bit clearer now.