I'd imagine that'll work just fine. Low load and throttle for cruising is a great time to lean it out, which is what people are doing (a little differently) here quite a bit.
I'm questioning more the tuning side of things - because you can get more power by advancing timing, at the risk of pinging. All other things being equal (are they ever?) More power to get up to and maintain speed at the same rpm/load/fuel level means the driver doesn't need to press the pedal down that much more for the same effect. Sorry, that's difficult to word clearly.
To the original question - I think increasing the cr that much would be dangerous without a proper tune. But then, I've never tried it, just the impression I get. That's basically what a turbo does - increases the compression ratio fairly significantly (turbo dependant), and you need to add fuel and pull timing to keep it running safe. Otherwise, you trigger a knock sensor (where present), and the car will pull timing and add fuel to compensate - which counters the effect you're looking for.
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