Going from 9.1 to 10.5 would net you about 3 hp starting from 200.
Compression ratio horsepower calculator.
You really don't want to take anything off the head or block more than is necessary to avoid timing or sealing issues. As it is the 7M is a non-interference engine. You might get a few horsepower with a HKS cat back exhaust system for about $600, but is it really worth it? Probably the most effective approach would be nitrous oxide, but I have no experience with that. The GE engine doesn't have a oil squirter cooling on the back of the pistons like a GTE does. Nitrous generates a lot of heat and stress on the engine. The MK3 chassis weighs 3,600 pounds, so you would need at least 360 hp to get it to a nimble 10 pounds per horsepower ratio. The stock GE has 200 hp and the GTE has 230. These cars are more about sport touring than racing. I'm content just looking good going down the street. It's hard to compete with modern cars that are lighter, have 8 cylinders, or variable valve timing. Engine swap is an option, but it's expensive and 2JZ engines are difficult to find these days.