Not saying any of the below is a good idea, but it does raise some interesting concepts.
Low compression isn't a bad idea of you are running it blown. This is why I wish I had money and time to play with this kind of stuff. I think there is an answer there given today's technology. If I would have hit the power ball for 1.5B last night I bet I could have made this work!
I think actuators may be the wrong way to go. Fast acting steppers may be a better approach so that you can control height, distance and timing of the valves more accurately.
I know this has been done before and this isn't something new, like I said, I saw it under R&D back in the 90s. Technology has come a long way since then. With ECU controlled timing, controlled boost and a programmable cam you really would have a high level of control over an engine and "on-the-fly" tuning with real differences in power settings.
Even today, with basic electronic tuning you can easily adjust horsepower +/-15% (conservatively) with the flip of a switch. I predict when this gets the right tech and innovation applied to it we will be talking multiplication factors of HP change not percentages.
You could take a v8 and open the wastegates so that it makes no boost. Program the ECU and "virtual cam" to run minimum power settings with maximum efficiency while driving on the highway. Stomp the pedal to the kick-down switch, slam the wastegates closed, reprogram the cam, adjust the fuel flow and viola! out comes 1800HP without anything but a computer command. Release the pedal and go back to economy cruise. Maybe before that go into a cool-down phase then into eco-cruise.
Ok, way out there in the theoretical - What would stop you from switching into a 2-stroke cycle if you were running direct injection? Decoupling the mechanical connection of the cam from the crank means you could run it as a 'one-put', a 2-stroke or a 4-stroke or any other method you want really. "Theoretically" you could run even numbered cylinders in 2-stroke and odd numbers in 4-stroke. Not saying it would be a good idea but you could have that level of control.