Mike, there are many more facets to producing more torque and HP. Huge gains can be made by using aluminum heads and EFI. If you can dissipate heat fast enough and burn high enough octane, 11:1 CR can be used. But let's come down to earth and work with components that are readily available and burn common unleaded pump gasohol.
I assume we're talking about a daily driver. Compression ratio is the result of combustion chamber size, head gasket thickness and type of pistons used. The cam has little to do with it other than valve timing.
EFI atomizes the fuel and it wakes up carbureted engines by producing much more power using the same fuel. Carbs have a hard time hitting the optimum 14.7:1 air to fuel ratio but EFI runs there all the time regardless of temps, altitude, humidity, etc. A hydraulic roller cam will eliminate the need for ZDDP and make cam timing more crisp. - Dave