2old can be a bit of a curmudgeon at times, but he knows his shit.
11 to 1 with cast iron heads is going to need race gas to keep from destroying itself from detonation.
Even with aluminum heads, which cool much better, that's still too high.
Figure 9 to maybe 9.5 or so is the upper range for cast iron heads while 10 to 10.5 is max with aluminum.
If it really is 11:1, it means someone built it that way with multiple mods done, as it wasn't a stock option.. . . . Hopefully they did everything right and do a low budget build.
Whenever you get something like that, it's always a good idea to check it out carefully, a small camera that works with a smart phone and fits thru a plug hole can be your friend, along with a compression tester.
If it's really high comp. you won't see stock looking pistons and will show higher cylinder pressures.
If it was running fine when you got it, and not rattling with pump gas, chances are that it's not really anywhere near 11:1 . . . . best check it out though to be sure and to actually know whet you do have.
By steel crank, do you mean forged as opposed to cast, or an aftermarket 4340 alloy crank?