Hot Rod Magazine June 2004 did a write up on the ZZ-572/720R 12.0:1
They backed off the timing 5 degrees and ran it (dyno) on 91 pump gas.
Cranking Compression 170 psi.
787 HP at 6,500 rpm 725 lb-ft at 4,600 rpm.
They noted, in general the Dyno was easier on a Engine then actual Drag Strip use.
60 HP by bumping the compression, go for it.