Sorry to ruin the party but ...
Recompiling shaders to a HIGHER number does NOT increase FPS. Infact, it actually DECREASES performance.
The reasons are highly technical and can be explained via review of how GPUs respond to the lower level compiled code in regards to shader model.
What you are experiencing is a placebo effect by "the higher is better" idea - and that's just not the case. A higher shader model gives shader authors (me) more room and technically, more instructions and additional methods to create 'more realistic' effects.
If you would have optimized the shaders, you would have instead, lowered the instruction count (which you can see in FXcomposer) with the SAME visual output. Often times, you decrease instruction would along side with quality.
So, if you want to get dirty with these shaders and make them actually USE the additional room that SM3 has over 2, then learn HLSL and get to work!