What would the next steps be based upon the CR found, say if it were too high what options would I have?
And what CR would be deemed 'too-high'?
You would need to grind metal out of the combustion chambers until the volume was large enough to give the CR you need, say 10.2:1 as a maximum. Each chamber must be the same volume, so it needs to be done accurately and in the correct manner to preserve or improve gas flow and 'burn'.
If you have a geometric Cr of 10.2 or lower already leave it as it is and get the ignition sorted.
What carb are you running and is it needled for the improved gas flowof the 295 head over the standard one? It could be running too lean which won't help.