Yes. The compression is up to you. Lowering it will allow you to run more boost but can give you boost lag. Raising it will give you a quicker response until you hit boost, but boost can only be raised up with an almost perfect fuel setup/tune.

Reliabilty has nothing to do with the psi. Reliabilty lies the horsepower. Even then you will have to run extreme amounts of horsepower. One of the Titan Motorsports drivers lives in my town and daily drives his 750whp Supra.