It doesn't increase the actual compression ratio (since that's just an engine calculation of piston BDC cylinder volume compared to piston top dead center cylinder volume), but it does increase the compression pressure by increasing the amount of air forced in (psi of boost).
As for destroking, that works good for high revving race engines that have to run at higher rpms all the time, but for a street engine torque is a much bigger advantage plus the extra cylinder volume (Cubic inches) gives you more space to fill with a super or turbo charger. Not only that but a 302 can effectively run up to 11,000 rpm if race prepped (LOTS OF $$$). High RPM's will always require serious bottom end reinforcement since for (i believe this is the equation) every 1,000 rpm, force goes up by 4 times. horsepower is torque over rpm, so if you increase torque (cubic inches), the horsepower occurs at a lower rpm and with a broader torque curve.
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2005 Suzuki Hayabusa GSX1300-R
1980 Ford Thunderbird - 255 V8
ported heads, 5.0L ported stock headers, O.R. H-pipe and Flowmaster 2-chambers, dual roller timing chain
hi-po Mack Truck hood emblem
1985 Mustang GT 5.0L T5, F-303, GT40p, headers, off-road h, flowmasters, MSD stuff, etc.
Sold 02/06/04 
1989 Mustang GT ET: 13.304@102.29 mph (5-24-03)
Sold - 1998 Mustang Cobra coupe, 1/4 mile - street tires: 13.843@103.41 (bone stock)
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