Vague answer.
Valve clearance shouldn't be a problem, even with a big cam because the valve angle is shallow and the valves are tucked up in the combustion chamber.
Increasing the compression ratio (C/R) adds torque.
But too much of an increase in dynamic compression, you'll have to start reducing ignition advance to avoid detonation, which hurts torque. Solution A: run higher octane fuel, as this counters detonation to a degree. Option B: a larger duration cam has less dynamic compression, as the inlet valve closes later.
I'd be thinking 220 @ .050" 9.5-10:1 C/R, 230 @ .050" around 10.5:1 C/R, 240 @ .050" around 11:1 C/R and that's getting close to needing forged pistons for strong ring lands.
More C/R puts extra load on the piston ring lands and bearings though, increasing wear. Less kms between rebuilds, as the engine wears and becomes tired.
Probably around 11:1 C/R you'd want head studs. The standard head bolts are "torque to yield" so they stretch and can only be used once.
So more C/R the bigger the cam :-D
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