So you've got 2 components to sync time, bandwidth and processing. In Monero we already have to attempt to decrypt transactions in each block to see if it's ours. This is what really takes time with regard to syncing.
If you compressed blocks, you'd save some bandwidth, but you'd take time client side to uncompress before sync. This adds to sync time. A user with high processing power using a node with low bandwidth might see a benefit, but for most people the bottleneck isn't bandwidth, it's processing power. Most people wouldn't see a sync time improvement with your proposed scheme.