I owned a 170 for years and this was discussed many times.
Cheap and easy trick is to use C-85 pistons in an O-200 or O-300,
don't know how much it bumps the compression but it does something.
Might have to bump the timing or maybe even use electronic ignition to take advantage of it.
You might also lose the utility of running 87 octane car gas though.
I think you do have to slightly modify the pistons though.
Harry Fenton's webpage would be the place to find out about that--
a good site with lots of misc info on the four-banger Continentals which may also be applicable to the O-300.
http://www.bowersflybaby.com/tech/fenton.htmlLightspeed Engineering's main thing is electronic ignition systems,
but they also sell high compression pistons ( 9.4:1 ) meant for the O-200.
http://lightspeed-aero.com/Services/O200Pistons.htm