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This mod started a few years ago on the http://www.third-gen.org/ site; several guys here have also done it with success.
I have done this mod with good success; my L98 now pulls well through 5,800rpm. I believe I lost a little low end torque but it was hard to see even in 60' times; but I've more than compensated by installing a 2,000rpm TC.
There are dyno pulls before & after on my site (link in my sig. below) as well as some pics of this mod. Note that the "after" pulls were a little shakey due to a leaky fuel pressure gauge that was discovered only on the dyno; also, note that on the "after" pulls power is up by 10% (20hp) at 5,400rpm.
I have increased the siamese cut depth another inch for a total of 2" deep but don't have post mod dyno pulls yet.
I feel that with heads & cam this setup will pull into the 6,000rpm, at least that's the target.