Yeah, it could easily be that low with 8.2 c.r.

I'd juggle head gasket thickness and deck height to arrive at a piston/head clearance of 0.040" to 0.045" and adjust static c.r. to around 9.0:1 by choosing the correct pistons and run a cam with similar specs to what I listed in my previous post. That should make a great tow motor on regular pump gas with iron heads.

I know nothing of your level of c.r. expertise, but will include a how-to on compression ratio that I wrote for your perusal.....
http://streetmachinesoftablerock.com...opic.php?t=124