Well, an OHV head conversion might get the compression right. One problem I see with that is head clamping around where the original valves were. There is not a lot of material under the deck right there for adding head bolt holes.
Also, when I read "standard 5hp Briggs," I assumed we are talking about a 5hp flathead. Nothing would really change if germanauto was talking about an OHV, though. The stock head probably still wouldn't have enough rigidity to keep gaskets from blowing out.
One thing I would like to know is if the single-cylinder utility diesels have direct injection or indirect. IDI works well for naturally-aspirated diesels, but introduces the liability of blowing out the prechamber at elevated power levels. It would also make a spark ignition conversion a lot more difficult.