Then you are out of luck. 50mb is the limit.
Whether or not compressing will help would depend on how good the compressor is. You could try to zip the data and see what the end result would be, but it's unlikely you'd be able to write a good zip library in JS. (Not to say that there might not be one, though...)
It also depends on the kind of data you are storing -- data that is already compressed will typically not compress a great deal further, but text will do so nicely. That said, It also depends on the amount of data -- a small amount of data can only compress so far (and, if really small, may in fact be enlarged), while a large piece of data can compress a long ways.
The only way to know for sure is to try, unfortunately. I do worry that you may be putting yourself in a corner by not using the sqlite plugin -- what happens if you need to change data? It needs to be recompressed. What happens if you need to add data -- you might not have room. Further, you have to decompress the data each time, which will result in a significant performance penalty.