If you can make slightly higher compression work in your suby without detonating (pinging) it will definately make more power. It really takes a couple of compression points until you hear a real difference, but I doubt you will get away with much of an increase unless you change other things. Engine builders almost always use the highest compression ratio they can get away with, cylinder filling gets more effiecient, and you get more power. I will say it's real easy to get carried away, more than one guy I know has been unhappy with raising his compression ratio, making it necessary to now burn higher octane fuel, retard the timing, or both.
Higher compression engines do have more 'pop' is the word I use to describe the exhaust note difference. But, if you will be using the same exhaust and muffler as you have now, I wouldn't expect it to be any louder.
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