OOOOOK, take it easy step by step. I think its established that the compression will not be at its max until the rings are properly seated.
Its my belief that to much oil could possibly cause some foaining but considering the crank rotation and size of the pan I do not believe the engine is hurt.

I would add that the plugs, once fouled, "may" not operate as they normally would.

Going by your first post I'd like to suggest the correct amount of oil, new set of plugs and since you messed with the points I'd put in a new set, properly gapped and give it a spin. I would not mess with the valves at this point. (It ran fine to begin with.)

Be careful with pouring gas down the carb. "back in the day" when I worked at a chevy dealer I say a mehanic pour so much gas, and starting fluid,in an engine that it "washed" the cylinders wall clean and the engine locked up. It don't take much "fuel" if things are right.
Please let us know what you do/find.

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