used in order to maintain stock CR and reduce risk of detonation.
problem: weakens pistons, which is especially not good if you are searching for power in a force-inducted application.
http://www.hastingsmfg.com/Ser...s.htm
you see this being done mostly for domestics.
I dont think you could easily change a 2.4 L into a 1.8, not enough piston material to remove.
sure, you could use different rods, but then your balancing will be WAY off.
cams would be the least of your worries, as stock ones would work fine, (although their profiles wouldnt be optimal, they would still be operating in synch with the rest of the engine)