The static compression does not change but you are right that the cranking compression is less; and that's what really matters I'm sure. Increasing the overlap decreases the cranking compression (cylinder pressure) because the intake valve is open longer ABDC and bleeds some of the pressure. I believe that's why most cam companies recommend higher static compression ratios when going with longer duration cams.
Saw this on a cam website .....
"An engines compression ratio is actually a theoretical number. This ratio compares the cylinder volume of the piston at bottom dead center (BDC) versus top dead center (TDC). So if we have a volume of 45 ci at BDC and 4.5 ci at TDC, then the compression ratio is 10:1 since the volume at BDC is 10 times the volume at TDC. While this is a useful number, it ignores one crucial variable. The amount of actual cylinder pressure at low >> engine speeds is determined by the intake closing (IC) point.
All performance camshafts close the intake valve 50 to 60 degrees or more after bottom dead center (ABDC). The longer the duration of the camshaft, the later the intake valve closes. It should also be obvious that the engine cannot begin making cylinder pressure until the intake valve closes. Therefore, the distance that the piston travels up the cylinder at 60 degrees ABDC versus 52 degrees ABDC reduces the volume of the cylinder, reducing the cranking pressure.
Keep in mind that we are talking about a street engine here. Early closing intake valves (short-duration cams) tend to maximize cylinder filling at lower engine speeds, while late-closing intake valves (long duration cams) tend to move the peak power point higher in the rpm range. With a given compression ratio, adding a longer-duration camshaft will decrease the cranking compression and therefore low-speed throttle response and power.""
I'm really anxious to get it tuned correctly to see what they get out of the new cams.