Some of the 77-78 440's, when an "actual" cc measurement was done of the downfill volume and heads, were more like 7.8-7.9:1 compression ratio !
"popcorn fart"
Not that compression is the "be all end all", lots of those motors will make relatively decent power "down there" when properly prepped and tuned, as Robb stated.
"Whoa up" there DodgeFreak, 10.5:1 on an iron head is a little too high for pump fuel, but nonetheless, to get there, you'll be rebuilding and changing Pistons, but for a number of reasons.
I dunno how to put a link to a thread, or I would, but, if you keep perusing this section, there are already a coupla good threads on exactly what you're doing, read on.