You can mill quite a bit. The main problem your facing is piston to valve clearance. It is approx .045 from the factory. So anything you mill from the head tightens up the clearance.
The factory valve recession is .025 Intake and .035 Exhaust. So anything more than around .005 and I would start thinking about doing a valve job to recess the valves into the head.
The next problem you face with milling is the risk of the intake bridge not fitting as milling the decks lowers the head on the block and effectively tightens up the V that the bridge fits into.
A good rule of thumb once you exceed .010 from the deck is to mill the same amount from the intake side of the head.
Hope this helps,
Guy
Ps,
Before you ask, a .010 thicker head gasket will cure the P to V issue but will also drastically lower the compression.