compression ratio will help you get some power, yes, but cam and intake are pretty big power adders. If you can get the right combo, again search http://www.ls1tech.com or their sister site for a performancerucks.net you can see people pushing out big power with the same motor. My fuel system, though probably not recommended, is teh stock tank with an in tank fuel pump and a fuel sending unit from a 87/88 FI monte carlo or other like vehicle. I bought an in tank fuel pump from summit, good to 550 hp on juice or boost or 600 n/a, cost was about 169. Most recommend getting the sumped fuel tank, or if you watch here enough, people sell tehir sumped tank with sump and sending unit on bottom of the tank. I was on a tight budget thats why I wnet with what I did.
What are the things your going to be looking for right now? cams, headers, heads? I mean you can awlays buy the whole kit from summit, good for 600 hp on an ls1, but its almost 3k. Headers I bought from BRPhotrods, I think it was 535 shipped, or something around that, those helped. Your biggest and best thing to get is either EFI live or HPTuners software if your keeping it FI, this way you can program it as you see fit, say race gas, nitro, advance timing if you want.