By installing a longer stroke crank, you have already increased compression.
The early Briggs 2, 2.5, 3, and 3.5hp all share the same block, head, piston, valves, etc. all you are doing is changing the parts to make it a 3hp out of a 2hp, if you are running reasonable rpm, balancing should not be needed. If you intend to run this thing wide open without a governor you need to look into a billet rod and flywheel at a minimum. At that point, why not just buy a 5hp?