First, a disclaimer: I am by no means an expert on quench. But, this being the internet, I am nonetheless glad to share my .02 cents. <img src="/forums/images/graemlins/smile.gif" alt="" />
It would be helpful to know the values for each of the cylinders. It doesn't really matter which one is the best, what matters is how bad the worst one is. Also, keep in mind that the pistons sit on the end of the rods, and every link in the chain from rod journal to wrist pin can play a role in piston-to-deck height.
Next, I would be concerned about a situation where you were running both a shaved head and decked block. That's a 32 thou difference you're talking about to bring the *best* cylinder to a zero deck height, and even with an adjustable cam gear that total seems like a lot of material to remove. Unfortunately, I don't know enough or have enough experience to know what a safe number would be, so perhaps someone more learned than me can speak up here??
Now, as to the question of whether this would be worthwhile: maybe yes, maybe no. It's true that performance is a game where many tiny changes can combine to yield cumulative results, either positive or negative, however, with something like quench, it is much more important to correct the worst performing cylinder than ensure that the best works optimally. Stated another way: if piston #1 has a hole in it, it doesn't matter how good the other three are. So depending on the true extent of the problem, you might be better off buying a new set of pistons, etc., than trying to fix what you have (assuming the pistons are the item at fault).
Anyway, that's my take on this...
-Jeff