They are all the same 350 CI, so they all are capable of the same hp. There's way too many variables to produce hp. Its all about how much air/fuel can be pumped thru them. I don't care if its a 50's SBC, a 70's, a LT1, an LS1, etc... What it takes to get there is a different story. In the 70's they had peanut cams and values the size of a peanut too, throw a similar lift cam and valves in it as todays motors and you'll have close to the same hp with the exception of the difference in head flow...nothing some porting can't fix.

 

93-95 F-Body: 275 HP
96-97 F-Body: 285 HP
96-96 WS6/SS : 305 HP
Firehawk/Corvette Grand Sport: 330 HP

I agree there is more to the power boost than just compression. Keep in mind though, that the only reason GM was able to run the LT1 at 10.4:1 compression was because of the developement of reverse cooling. Now of course they have resolved their issues with standard cooling (as per LS engines). When it comes right down to it though, all SBC block at 350ci are capable of around the same amount of power (depending on phisical block strength). What really determines what you're putting down is your heads, cam, intake, and exhaust, and tuning of course. In that aspect I would say that the stock heads on an LT1 are a better design than the ones on a TPI.