Just to clarify,
Installing a shorter rod will not change the effective stroke, but it will change where the stroke takes place within the cylinder.
Installing a later 7.440" rod with a OE style piston will lower the effective stroke .030" in the cylinder which in turn moves the piston crown .030" below the squish band resulting in lower compression, which was one of the OP's original concerns.
Conversely, installing a 8.500" rod wouldn't change the effective stroke either, but the sound you'd hear at TDC would.
Mike