When I began, I used pg_dump with the default plain format. I was unenlightened.
Research revealed to me time and file size improvements with pg_
Two issues/ideas:
By specifying -Fc, the pg_dump output is already compressed. The compression is not maximal, so you may find some space savings by using "gzip -9", but I would wager it's not enough to warrant the extra time (and I/O) used compressing and uncompressing the -Fc version of the backup.
If you are using PostgreSQL 8.4.x you can potentially speed up the restore from a -Fc backup with the new pg_restore command-line option "-j n" where n=number of parallel connections to use for the restore. This will allow pg_restore to load more than one table's data or generate more than one index at the same time.