....The 0-540/IO-540's are essentially the same cylinders and pistons as the 0-360's....should be 8.5:1 compression as well. So you have a 360 cu. in. engine plus 2 more cylinders.
I asked the Lycoming Tech guys this question two years ago at one of their engine dis-assembly/assembly forums for my engine, a IO-540 V4A5 and was told it was fine to use it.