garry V Yes you can run 11.0 on the street IF you buy a knock sensor kit, limit the timing to the mid 20's in degrees. This will kill the power this motor should make with a better gas. 2 schools of thought
#1 buying 5 gallons of race gas with 100 octane and adding to the tank with every fill about 2 gallons this should protect the pistons from knocking and get a rating of about 93 on a 20 gallon tank. The question is do you have a good place to store this gas???
#2 Snow water/alcohol injection. This is what was used during WW2 to help with poor gas in airplane motors. Snow make a mister setup that will work with any power adder car or high compression motor. Again this is like a custom carb and you will need to setup this system correctly. Distilled water and washer solvent in a 50/50 mix work the best. You get a kit with a 1 or 2 quart tank for the car. This will need to be filled each tank up of gas. You will be able to run more timing, reduce EGT'S, and even pick up about 10-15 HP in the upper end. The motor will also run cooler. Running the system and turning it off before shutting down the motor are the only thing that will take a little time to do, about 10-15 second more than turning off the ign switch. You will still need a knock sensor to get the right flow of fluid into the motor. Too much and you can wash down the cylinders or even hydrolock the motor, not enought and ping and knock city.
Swapping to thick head gasket may drop the compression only .2-.3 points. You could also enlarge the head cc's a little for more drop in compression. This would drop you another .2-.5. This will put you in a safer compression ratio. The rest is as others have said, pull apart the motor and have the pistons flycut to drop compression. The tops should be thick enough for this as long as they are not flat tops. You will need a machinist to do this. It will save you the cost of new pistons. The rotating assembly should not need a rebalance if the same weight is removed from each piston. If time and money are not a major thing, have the pistoned coated on the tops and on the sides to protect them from knocking in the bores and pinging. If too much is removed, would rebalance the whole assembly again.
If you run at night and have heavy cool air, you might not need any of this to be done with watching you timing. Problem is you will be down on power.
Rick L.
Ps To Rod Knock, sorry for putting you to sleep with the long info threads. Just trying to give the best info, inside and outside the box. Does this mean I am not getting FRUIT CAKE for Christmas???