I've rebuilt a few M117's with Euro 8.8:1 pistons and the change is quite noticeable. Most of the Euro motor HP comes from the compression ratio. I've also rebuilt one early 117 with pistons I had made at 10.5:1. The problem with building an engine with American made cast/machined aluminum pistons is that you have to leave about .002-.003" piston to wall and they get a bit noisy. The clearance is required since there is no expansion control in hot rod pistons. The factory pistons, as you know, have cast in steel bands to control piston expansion and as such allow much tighter piston to wall clearance. We found the big difference was from 8:1 up to 8.8:1 and while going higher was better, the overall engine was less satisfactory.
Stu