I have seen people running 12.5 to 1 with aluminum heads. Just wondering if it will work with 94 octane and a comp xfi 280hr. The compression ratio calculator said it would have about 197psi of cranking compression.

Have you done a DCR Calc ?
That is a better indication of whether it will knock

Download calc at bottom of page
http://members.uia.net/pkelley2/DynamicCR.html

I'm Just gonna mix 110 with it. I figure with about 100 octane I should be okay.

i know 12.1 is fine on the street with alum heads and a Good tune.
with 94 octane..and EFI.

remember EFI.Good Gas(94 and up). Good tune.. not putting 100 miles a day on it..
you should be fine..