The lower compression will affect the low-end and midrange more than the top end. You may want to do a compression test to see how much cranking compression you've got. This will give you an idea if you are grossly low or not.
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Mike Burch
66 mustang real street
302 4-speed 289 heads
10.63 @ 129.3
http://www.mustangworks.com/cgi-bin/moi-display.cgi?220