I would warm up the engine and then take a compression reading then squirt some oil in the cylinder and see if it comes up. If so, time for an overhaul. If a little or not at all may be a bad gauge though they are quite close. Should be 130 or there abouts. 110 would still be good but much lower and.......its TIRED or time to RE-tire it to the machine shop. Put in 307 pistons either the 8.5 or 9:1 ratio. The 8.5 would run real well especially with this watered down gas. They were originally 8.0:1. Would bring the compresiion to about 160 on a fresh rebuild including a valave job. Would gain about 25hp over stock. Let us know what you found out please. H.