318 with 360 heads milling : small valves

I think Jim said for every 1 compression point there's about a 3% power gain......more or less so you're spot on and I agree. I believe head flow is the way to go. It's long been my advice not to risk too high a compression on a street car, but no one ever listens. There are a few exceptions where I would push the limit, as in a quench build or an old school over cammed engine, but that's about it. I can give the 400 in Gladys as an example. It's right at 9:1, maybe a tic less but I am extremely happy with the power and torque output. She's got an 8100 pound GVWR and that old girl will get with it when you crack the loud pedal. The Cleveland style heads flow really well.
Totally agree most shouldn't push their cr to high, for most a possible pinging mess ain't worth 3% hp to go 10:1 instead of 9:1 and if you got an stock 8.?:1 your only down 3-5% hp.

Airflow is definitely where it's a, 360 with say 235 ish cam is gonna get massive different results with 273/318 head vs 360 head vs everything all the way up to trickflow and beyond. Everyone likes LS and Gen3 hemi cause it's like if 340/360 came factory with edelbrock/trickflow heads, why they can build great power with milder cams.