I’m getting ready to select the pistons for my 408 and I had a few questions. If I increased the compression from about 10.5:1 to 12:1 what would be the consequences?

Would there be much of a power gain?
Would a 50/50 pump/race gas work?
Would the car run hotter?

Just trying to get some opinions before I order the slugs.
The rest of the combo is as follows:
408, Air-gap intake, 750 dp
Comp solid roller, XE286R, 248/254 duration and .576/.582 lift
Eddy heads (might be able to get some light port work done $$$)
727, 8” PTC converter, 4.10 gears, 3250 lbs with driver
90% race with some street time.