Yes, those are the maximum lift figures for the 286.
For a road engine the problem with the 286, besides the narrow power and torque band, is that it produces its maximum power at 6400 rpm in a 1275 and that means to make the cam work as it should you would be using 6800 rpm which will cause more rapid engine wear. It is great in a low geared rally car where acceleration is most important and cruising speed unimportant, but for the road it is not good. In fact on the road a car with a 286 is likely to be slower unless it is revved to almost 7000 rpm in all the gears. Personally I wouldn't risk those sort of revs unless the block had a centre main bearing strap and had fully balanced rods, crank assembly and pistons.
1 mm deck to piston crown really is a bit too much, especially with those deep dish pistons. It is important to know what pistons are fitted. If they are low-grade ones then they won't take high revs and/or high compression. Ideally a CR of around 10:1 would be best.
If you have a fairly mild cam, then skim the head to give something over about 9.5:1. If it has a 286 then best advice is to strip & rebuild with a milder cam and 21253 pistons at +0.040" (1310 cc).