Assuming your combustion chamber is now 16CC's, which should be close with .050" fly cut head. This is assuming you have started with a 22CC head. You should really check this yourself though. Your compression with the stock length arc rod should be "about" 11.65 to 1.
With the +.020" rod you will be about 12.32 to 1 compression assuming you have exactly .027 clearance with the head gasket. If you are running methanol, this is not a problem.
So, if money is not an issue, get the longer rod and maybe sell the other one. I would not let it keep me up at night though. More compression and a tighter squish will definitely increase power. How much power? Who knows? I guess it depends on how competitive you are and if your willing to spend the money.
Keep in mind that I am not a racer. I imagine if I was, I would look for any edge that I could get or afford. On the other hand, if your out there just for fun, just use what you got and make it work.
Ask away with any other questions regarding the engine and I will try to answer.