If the later is true, then one would have to assume that the knock sensor is hindering you. More timing, to a point, should yield more power. That also assumes the AFR is correct.
Honestly though, you'll never know unless you put it on the rollers.
I think I'm running more compression than you and I've just got a off the shelf chip, and I'm pretty sure I'm not experiencing any knock (though I've no way to substantiate that).
Out of curiosity, did you have to gap your plugs down too?
I have to run a .040" or smaller gap or I seem to blow out spark, maybe it's knock though; .045" and I feel it for sure. BTW, I seem to be getting by fine on pump 92.
Also remember that with more pressure comes more heat. Not sure what you're running for plugs, but I'm having good luck with the NGK LZTR5A-13 / 4998 gaped @ .035".
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