Your compression should be ok as it is, but like others have said more should be better. Although I love to brag about my piston company and their quality, I have also used the KB off the shelf hypereutetics and also the newer 2618 forgings that KB has now. If they have a KB 2618 forged in the size, dome profile and compression distance that will work for you, that would be my recommendation.
You mentioned that the engine has been sort of trashed. Just how bad is this and are you sure? I may build some high horsepower engines but working on tight budgets is my speciality becuase I have had to do it all my life and still now. The majority of my customers are not bucks up and I do what I can with what they have to use and with thier budgets. No crime in being either broke or in putting your priorities in life in proper perspective.
I may be able to help you with advise and info if you either phone to me or send me a phone number that can be reached at night. Night is better for me, becuase in the day I go nutso with phones and visitors and trying to work. Most work gets down at night.
Is your crank cast iron or is it a nodular cast? Big difference. You probably have more potential than you think is there.
Love the under the hood pic. looks cool.
Ed