HDF5 compression capabilitied are not limited to Deflate. Blosc, for one, has allowed fast and efficient compression/decompression of data in my case.
Your program would have to be changed to save data in an HDF5 file, but you'll get ASCII -> binary "compression" for free, a file format pretty good for random access and compression filters that allow even further size reduction.
Don't take what I said as a suggestion though: it's perfectly fine as you did it. But others might read this thread and say "HDF5? why not, indeed".