Okay, other than improving the “engine”…
Ole’ Blue, my ancient Cannondale, has 8 speed Campy Record. An 11-27 cogset won’t work for this, so is going with compact cranks my only option?
The compact crank is one option.
Another option is to put a mtb rear derailleur on your Cannondale, then run a 12x32 or 12x34 cassette. I did that with one of my road bikes and you can just about climb a vertical wall with it. It’s much less expensive than doing compact cranks. However, not sure if it’ll work since you’ve got Campy stuff.
Bob C.
Let somebody who is a better climber ride it? 
If it really is an “ancient” bike, do ya wanna go throwing $ at it in “upgrades”, when that $ might be better served going towards a new ride? If you get a compact crank, you’ll likely need a new cassette and chain. Depends ™ on how worn the current drivetrain is or isn’t. Maybe even a new front der. Maybe even new shifters, if you are going to bump up to 9 or 10 spd while yer at it. (which you might hafta do, as most compact cranks are for 9 or 10 spds) Add that all up, and see how much closer you now are to getting a complete new bike w/ what you are looking for…
Can you just get smaller (but not compact) chainrings? What’s the smallest small ring that Record can go?
Yep, that’s the thing. It doesn’t make sense to put much $ into this bike.
Okay, other than improving the “engine”…
Ole’ Blue, my ancient Cannondale, has 8 speed Campy Record. An 11-27 cogset won’t work for this, so is going with compact cranks my only option?
At my race on Sunday, I put a Shimano 8spd 13-26 on the rear, and a 38 on the front, changed my 9spd Dura Ace bar end shifters to friction, and was good to go for the steepest hills (for comparison, I use a 39/23 on my lighter road bike on a 3.5mile 7% climb in California, with no issues).
What is the deal with Campy Record and an 11-27?
According to Eddy Merckx, the answer is “Lose 5 Kilos”. If you can lose it off the bike great, but it is better to lose it off your body 
This is going to sound harsh, but short of crazy mountain pass stuff, a 27 in back shold get you over anything. Engine, baby, engine.