Actually, you'll be doing yourself a favor whatever route you take.
First, just getting some better heads with a smaller cc will bump your compression up to a more reasonable level. That could possibly net you 50 hp to 100 hp more with the compression ratio near 10:1 over your 8.25:1. Your current compression is killing you, period. Get some decent heads and be done with it.
If you turbocharge, you WON'T need to lower your compression. Just make sure you run forged pistons for insurance. A forged crank would be good too, but don't forged 400 cranks get kind of pricey?
Just remember---going the turbo route will net you more potential streetable horsepower, BUT it will cost more converting to EFI, etc.
Since you have cubes already, get a good set of heads that will lower your compression and be done with it.
Davy