The only problems I see with this modification are these:
1) the stock pistons in the L28 are not designed to handle the compression ratio developed by a high compression application and be reasonably sure they will not break.
2) the N/A piston top ring land is not machined into the piston to ensure the ring will not break, or burnup, or get carbon clogged.
3) the cylinder head gasket was not designed to maintain a seal over extended run time at high compression ratios.
4) the detonation factor has much lower tolerance to detonation in regard to not breaking parts.
5) the standard bearings, although they are better then Michigan bearings, are more susceptable to failure earlier then the cleveite 77 bearings.
This is just to name a few, and that is not taking into consideration of the cam timing and overlap in regards to reversion.
Can you do it? I guess it is obvious you can. I am running static 8.5:1 compression on my turbo application, and some guys have gone to 9:1 static compression.
I am still ahead of the game with my engine in the short run and tha long run. I have built the bottom end to do the high compression and not break within reason, The head will stay sealed unless it melts down. The gasket is bullet proof and will maintain a seal over the long run.
the cam is ground with the turbo application in mind and I gain more hp because of my grind.
I fully expect the engine to last 150-200K miles
and finally, I am running 20psi of boost, with the limitation on the injectors in stead of the engine. So my engine cost more to build, but I can modify or increse Hp without worrying about it blowing up and I will be able to produce more Hp then a stock engine configured with a turbo because it will stay together at the higher boost levels.
But on the other hand, if you dont mind changing engines when they break, a stock bottom end in the junk yard is relatively cheap and you can blow a few of them for what it cost me to build mine for race.