I think it might be 40 hp at the 1000 hp level. I think it might be more like 20 at the 500 hp level. I believe it is linear like that with everything else a constant.
The math on that, would mean an iron block makes 4% more power over an aluminum block. Considering aluminum expands more than iron when heated up, that could be a reasonable approximation. A tad more blow by due to aluminum having roughly twice the thermal expansion coefficient. A 4% difference in power when you're running carbs is somewhat negligible. It would be more noticeable on EFI builds. If you really wanted to prove this, don't just look at the dyno numbers. Connect a pressure gauge to a PCV system on two almost identical engines. Or maybe a MAF sensor would be better than a pressure gauge? I'm sure you all get the idea. If aluminum blocks make less power, it would be due to more blow by. This would eliminate the need to have identical spec engines, just two that are close enough.
My 0.00002 cents on the CR issue, the static CR is mostly meaningless when looking at pump gas or race gas, because that number doesn't take the cam or altitude or boost into account. It's the dynamic CR and dynamic cylinder pressures that will matter. I'm not nearly as experienced with engines as some of the guys on here, but I know the static CR is not what really matters. You could have a 10.5:1 CR but the wrong cam could turn that into a dynamic CR of 8.7. Similarly, you could have an 11:1 CR but wind up with a dynamic CR of 7.8. Heck, the static could be 9:1 but running a lot of boost could require race gas regardless of what even the dynamic CR shows. Even a little reading on dynamic CR will bring up roughly 8.5 is around the upper limit of pump gas, for N/A.