I call that Kerfing the piston. If you take the exact center, and taper a "pie wedge" to the port(s) it does change the timing, allows in more fuel sooner, and more exhaust out sooner.
Problem is unless your pipe is matched it will lower your red line rpms, and give no advantage in torque or hp. This is usually done in high compression engines to eliminate ping.
A better option would be to continue shaving the head, and raise the jug. You will get higher compression (more torque), and lessor timings that will allow for regular pump gas to run without pinging.
What pipe do you have?