I appreciate the input fellas. Based on everyone's feedback (I hope it's right), I'm leaning toward zero-decking and using a 0.039" gasket. This puts my static compression at 10.45 and dymanic CR at 8.25 - both quite a bit more than I was originally aiming for. The calculated cranking compression pressure would be 170 psi, which sounds doable considering my iron headed 340 cranks 165 psi and runs fine on 91 octane, even at high temps.
If that proves to be too much, I could always retard the cam. Retarding it 4* would drop the DCR from 8.25 to 7.98 and the cranking pressure from 170 to 163 psi. That's an option too I suppose.