Assuming the block is unmachined and can be honed for proper fit. Regardless, I would highly recommend stepping up to some quality aftermarket forged pistons. The stock 03/04 Cobra units, though forged, aren't that great.
You need an aftermarket block to get 330 cubes.
As for the compression with the right combo and tune I would say yeah. (racegas)
I was running 10:1 with a 347 T trim (20psi) in the renegade class back in the day.
I would not recommend that much compression for the positive displacement setup. Too much load early in the rev range building a lot of heat and cylinder pressure. I wouldn't run above 9:1 for a PD blower. The stock 8.5:1 for the Cobra is pretty ideal for the PD blowers.