I'd recommend a cylinder leakdown test instead of or in addition to a compression check. Roll the engine over until the distributor rotor points to a plug wire, put the transmission in high gear, set the parking brake and/or chock the wheels, and put air pressure into the cylinder through the spark plug hole. Most compression testers with screw-in pressure hoses can be adapted to do this. Listen at the carburetor, tailpipe and oil filler for air leaks. Follow the firing order around to test all the cylinders for leakage. If you set the air pressure to 100 PSI with no air flowing, the pressure the cylinder maintains will give you a "percentage of leakage" number. For instance, a cylinder that holds 90 PSI has a 10% leakdown rate. I like to see 5% or less on a healthy engine.
Jerry
