Let me offer this, take from it what you will. Someone here years ago planned to increase the power of his fairly low mileage 550 and ran it on the dyno first...36.8rwhp. I never saw that he returned with an "after" report.
I did up a 592 with 10.1:1CR, matched the inlet tracts plus did some mild porting, added a WebCam 58a, modified the cam sprocket then degreed the cam. It uses the stock PD carbs plus the air plenum (no box) with a single large K&N. It has a 4-1 also. The result is 51rwhp, a 28% increase in this case.
To just install a bigger bore without cam and/or head work will not live up to the power expectations. As an alternative, to tidy up ports with a different cam
may deliver similar power to that bore increase alone.
There is an immediately obvious synergy improving the whole package, and done correctly, I don't believe you'll experience any problems at 10.5:1. However if there are wallet constraints, then I think you've followed the best path for the buck.