About 9.8:1. You're saying you don't want to get into the short block, but you may encounter some problems with detonation if you don't address the squish, depending on the cam used and the quality of fuel. As I remember, the piston is pretty far down in the hole on these motors and there is no good flat shelf on the crown to mate up with the underside of the cylinder head to form a good squish. With the stock static compression ratio, it won't be a problem, but when you begin raising the SCR, you need to pay attention to the squish.
400's have siamesed cylinders, which leaves blind corners in the cooling water jacket at 6 places on each block deck. If the motor is operating as a race motor, where revs will be above those used in city driving, the increased speed of the water pump impeller will be sufficient to speed the cycling of the coolant in the block to wash away any steam pockets that might form at these blind corners. But if this will be a street-driven motor, I would advise drilling steam holes in the cylinder heads according to this article from Greg's Garage....
Technical Articles at Greg's Engine & Machine
Some members of this forum recommend other procedures, but I favor doing it like the factory did it, by drilling steam holes in the new heads.
It's always best to counsel with a tech professional at your favorite cam grinder and get their recommendation, but here's an example of what I might use, after I addressed the squish issue....
Crane part #113941
Good low end and mid range torque and HP, good idle,
daily usage and off road, towing, performance and fuel
efficiency, marine applications: for 350+ cu.in. modified
engines with free flowing above water exhaust systems
for performance applications in light pleasure and ski
boats, including jet boats, 2600-3000 cruise RPM, 8.75 to
10.75 compression ratio advised, good w/plate nitrous
system. Good w/centrifugal or Roots supercharger, 8 lbs.
maximum boost w/8.5 maximum compression ratio
advised. (50 state legal, pre-computer, C.A.R.B. E.O.
D-225-18).
Grind number H-272-2
Operating range 1800-5600 rpm's
Crane lifter part # 99277-16
Duration @0.050" tappet lift 216/228
Duration @Advertised 272/284
Lobe separation angle 112
Timing events @0.050" 1/35/51/(3)
Valve lift 0.454"/0.480"
Dynamic compression ratio would be 8.67:1
My best bottom-line advice, if you won't get into the short block and address the squish issue, is to leave the motor alone and run what you have.