i agree with what you just said, in standard form, but you ring up the insurance for your 1 litre standard micra and tell them its had an engine swap, then things get interesting,
back in the day i could insure my 1 litre k10 for £x and a standard 1.2 for about £50 more, but my standard 1 litre with the 1.2 into it, was about £200 more or something stupid.
yes i can see that working, for even lower compression you could also machine the crown down a bit like i did in my cg stroker engine. i fitted the 1.4 crank, and had to machine the pistons as they poked out of the top of the block.