200 psi sounds a little low for 12:1. I built a 1277cc Bandit motor with a right at 12:1, cranking psi was 215-220ish IIRC. I've run 235-240psi(which was around 13:1) and was able to run it on pump gas. Had to run higher #'s on the cams as well as run a lower initial ignition advance(200rwhp 1340cc oil cooled Bandit 1200 motor). Of course, the cams will have some say as to the cranking psi, as will the method used to obtain the cranking psi(throttle closed or wide open, all plugs in or removed from cyls, warm or cold motor, valve and seat condition, etc.)
Yes, if you add cams with longer duration your cyl pressure(effective compression) will go down(not by leaps and bounds though). Back in the day, this was the reason for the compression jump on race motors. When they installed bigger cams, which worked well at high rpms, then their compression went down and so did their low end response(some due to the cams, some due to the lower cyl pressuer). There are ALOT of factors involved with it, but thats kinda the jist.
You can adjust the cam #'s with adjustable gears and help get by with pump gas, or help get by with ignition thats advance just a tad too much.