head swap to later model, closed chamber magnum heads is possible. Of course, this also requires considerable amount of measurements to make sure things do not bonk into each other, plus new rocker gear and either new intake of intake modifications.
New pistons may be the most budget friendly, but require a considerable amount of work.
What cam do you have now? If the cam is too big for the compression, you may be able to gain some cylinder pressure with a cam change.