After a couple of weeks of internet researching and finding some good, valuable static (SCR) and dynamic (DCR) compression ratio's, as well as some lengthy conversations with Russ; I derived to a final plan. I also called and emailed Keith at NewComer racing. He is quite knowledgeable but more geared towards products for 4.7L-4.9L builds, and big cams with use of 1.7 rockers. Very knowledgeable but I was hoping to not have to machine the block by just swapping pistons and a camshaft.
Russ had suggested to have the block decked roughly .020 and choose a head gasket to get SCR up around 10.5:1
The current ICON's with deep dish have a +27cc dish volume, 3.915" bore (.040 over, yes, kind of odd to not go .060 and use 3.935" pistons.) Icon offers the same piston but with a 10.8cc volume so this will help with SCR greatly.
Instead of machining the block, I'm considering (and discussed with Russ) keeping the pistons, on average, .023" below, running the ICON 10.8cc piston, and using a cometic .027" thick head gasket. He also suggested using a comp cams Xtreme 160-301-5 camshaft which pairs very well with the edelbrock head. Furthermore, Russ showed me his Edelbrock ported and LS valve swap flow numbers, which was impressive and questionable.. Why would Edelbrock leave that much room for improvement.
Combined, Icon 10.8cc pistons, Comp Cam, re-worked Edelbrock head, the motor should see a 10.75:1 SCR and a 9:1 DCR.