Sounds like fun, I can't wait to see some pics! you may want to consider running a higher rear end ratio. that would probobly knock off a second to begin with. I do have one question.
Why lower the compression when you could just lower the boost pressure? I'm not a turbo expert but it sounds logical.
Adam

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Current Stable:
01 ML55 AMG
92 500E (a few mods)
87 300E (lots of mods)
00 Chevy 3500HD Diesel Box Truck
68 18' Donzi Marine
06 GT i-Drive7 1.0 Mountain Bike (with GPS!)

PREVIOUSLY OWNED:83 300SD, 87 420SEL, 88 420SEL, 90 420SEL, 86 560SEL, 86 190E 2.3-16V AMG, 94 E320