I replaced a toasted 330 in a mid '60s F600 with a 390 out of a mid '70s F350 once, but I swapped the entire engine. With hindsight, it may have been easier to go your route, then it was to sort out all the differences in manifolds, accessories, and mounts between the medium duty 330 and the light duty 390. However, in the end the 390 worked out very well.
Your math seems sound, but I questioned the pistons being that far down in the hole to start, so I did some math too, and assuming a 72 cc head chamber volume, 0.040" head gasket thickness, and a flat top piston 0.165" down in the bore, you come out with a 7.06:1 compression ratio on the old 330. Assuming there is a slight dome on the piston (say about 6 cc), or a slightly smaller head chamber (66 cc), you can get to the 7.4:1 quite easily, so I now trust your description.
All that said, staying with the same geometry and dropping in the 390 crank should get you to a 0.020" piston recession (assuming no dome), but that comes with a healthy increase to an (approx) 10.42:1 compression ratio (assuming 7.4:1 starting point). That might be a bit high, especially in a big truck application that sees lots of high load, middle to low RPM running, where detonation is most prevalent.