What you say is true and I have to give that some consideration. However, my immediate reaction is that increased density of inlet charge should create some kind of pressure differential over or under atmospheric (14.7 psi) especially if you add fuel to the intake charge.With air being a fluid, another aspect is density. You're not going to change the actual volume an engine has in it unless you open up cylinders and ports. The denser the air the more friction you'll have as it's moving through an engine. Probably a minimal effect when you factor in heat soak and dwell, but it's a factor as altitude changes.
Would appreciate any more thoughts about this.