700 hp on the dyno with dyno headers won't be a problem with that engine but I don't know how much RWHP once the engine is in the car. I don't think I'd increase the compression much over 10:1 unless you have access to av gas or are willing to buy race gas and mix fuels. The pump gas compression ratio won't get in the way of making 700 hp with those heads and 540 inches. I think it is really a camshaft decision. Where do you want the power curve to sit at, how lumpy of a cam are you willing to put up with, and how are you going to decide what the timing should be to work with your intake and exhaust systems?

Here is a short video of a customer's car. This is a 505 with pump gas compression, TF270 heads with a ported Indy intake. He is running a 4150 flange Sniper XFlow and a solid roller cam. I think he has the same 264/268 Comp roller that Dwayne designed for my 470 dyno engine. This engine made a little over 700 hp on the dyno. I think peak was 713 or something like that. It has a very lumpy idle. The idle was too radical for a four speed so he had to switch the car over to a 727. It drives pretty well with a high stall converter and it shows a lot of potential at the track. I think it weighs around 4000 lbs so your car might be a bit heavier. I think this car ran high 10's the first time at the track but I'm not sure. He hasn't taken it to the track much so it isn't sorted out yet.
https://youtu.be/fGiFuOuBnvQ