My Dad's old 69 Mach 1 ran 12:1 compression and he had the heads milled another .020 over, so he was closer to 13:1. He had almost a .600 lift cam with a 235/238 duration @ 0.050" lift, and it ran perfectly fine on 93 octane with 4 degrees of ignition timing. If he advanced the timing up to 12 or 14* he'd have to run 100 octane. Even with the 93, the car ran low 11's.
A safe compression to run on the street is 10.5:1. You can still run plenty of cam, and a pretty aggressive base timing setting.
Joe