I think the overlap of any given cam may also affect compression numbers, so being you have a 347, it probably has a decent cam and you probably don't have anything to worry about.
Did you check the compression when the engine was at operating temperature? A warm engine is usualy good for another 10 psi or more.
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1988 Mustang GT
stock bottom 302, C4
10.9 @ 128 with 8 psi of Novi 1000 boost!----STOLEN
1989 Mustang notchback
Warmed up 306 with a Procharger.
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