The problem is that in order to avoid engine misfires, pinging, detonation, all of that neat stuff on a higher compression engine, you have to have different tuning. That tuning includes different timing curves, different fuel curves. Even at part throttle low load cruising speeds, you will be using more fuel at the same rpm, because you will still be producing more heat(power), and higher cylinder temps, thereby, higher nox. This is a physics, thermodynamic, and chemistry thing, these rules don't change.
If you are concerned about emissions, get a late model engine with all of the emission controls. The lsx series of engine produce great horsepower, and are more thermally efficient than engines designed in the past.
The move towards direct injection gasoline engines is nice, as you can more finely control fuel timing. So, I would wait a year or two, and see how reliable the direct injection chevy v6 is. I would like to put one of those in my Z, 300 hp, excellent efficiency... near 30 mpg in the new camaro is pretty impressive.
My point is that changing compression ratios is not the real answer to nox emissions control. Cylinder cooling, and friction reduction will yield increased efficiency, allowing increased compression pressure, whilst achieving lower emissions, and using less fuel.
Joe