compression or flow?

You are using a basic formula. Everyone abuses that formula. That should be your minimum expected gain. The bare assed minimum.

I struggle to see why guys just won’t use compression. If you build correctly from the start it’s free horsepower all up and down the curve.
Generally the ones I see not upping cr are just adding parts to a running short block and are probably in the 200-399 hp range. I agree if building from scratch cr that works with your cam and gas and tuning abilities should be apart of your plan.