Thank you guys for your positive feedback and votes 
For those of you who have tried pigz, give it another try using "pigz -1 filename.tar". This makes pigz use the fastest compression option, which results in almost double the speed with just a slightly bigger compressed file.
You may revise my testing results, in the first post.
"pigz test2.tar" completed in 12 seconds, resulting in a 315 M compressed test2.tar.gz.
"pigz -1 test3.tar" completed in 7 seconds, resulting in a 346 M compressed test3.tar.gz.
That's why I recommend, using this level of compression with cPanel backup instead of using the normal compression level.
BTW, replacing gzip with pigz can be accomplished by simply adding some symbolic links, and that's it 
Did I mention, it's an in-place replacement ? .. which means, pigz uses the exact same arguments used with gzip
Code:
[root@ns3 ~]# gzip -h
Usage: gzip [OPTION]... [FILE]...
-c, --stdout write on standard output, keep original files unchanged
-d, --decompress decompress
-f, --force force overwrite of output file and compress links
-h, --help give this help
-l, --list list compressed file contents
-L, --license display software license
-n, --no-name do not save or restore the original name and time stamp
-N, --name save or restore the original name and time stamp
-q, --quiet suppress all warnings
-r, --recursive operate recursively on directories
-S, --suffix=SUF use suffix SUF on compressed files
-t, --test test compressed file integrity
-v, --verbose verbose mode
-V, --version display version number
-1, --fast compress faster
-9, --best compress better
--rsyncable Make rsync-friendly archive
And for pigz, after re-arranging the arguments list for easy comparison :
Code:
[root@ns3 ~]# pigz -h
Usage: pigz [options] [files ...]
-c, --stdout Write all processed output to stdout (won't delete)
-d, --decompress Decompress the compressed input
-f, --force Force overwrite, compress .gz, links, and to terminal
-h, --help give this help "not mentioned in the help, but it works"
-l, --list List the contents of the compressed input
-L, --license display software license "not mentioned in the help, but it works"
-n, --no-name Do not store or restore file name in/from header
-N, --name Store/restore file name and mod time in/from header
-q, --quiet Print no messages, even on error
-r, --recursive Process the contents of all subdirectories
-S, --suffix .sss Use suffix .sss instead of .gz (for compression)
-t, --test Test the integrity of the compressed input
-v, --verbose Provide more verbose output
-V, --version display version number "not mentioned in the help, but it works"
-0 to -9, --fast, --best Compression levels, --fast is -1, --best is -9
-R, --rsyncable Input-determined block locations for rsync
Additional arguments in pigz only :
-p, --processes n Allow up to n compression threads (default is the
number of online processors, or 8 if unknown)
-b, --blocksize mmm Set compression block size to mmmK (default 128K)
-i, --independent Compress blocks independently for damage recovery
-z, --zlib Compress to zlib (.zz) instead of gzip format
-K, --zip Compress to PKWare zip (.zip) single entry format
-k, --keep Do not delete original file after processing
-T, --no-time Do not store or restore mod time in/from header