With readings that low and inconsistent from one cylinder to another, there's not much point in trying more specific tests like cylinder leakdown, etc. Have you run the numbers to determine what vehicle the engine came from? A 1950 pickup wouldn't have had a 235 from the factory unless it was a special-order low oil pressure type with Babbit connecting rods. Post the stamped number on the machined pad behind the distributor and maybe the block casting number down low on the block around the fuel pump, and one of our number-crunchers can tell you which engine to order your rebuilding parts for.
Jerry
