Put some air pressure to the #2 cylinder with the piston on top of the stroke with both valves closed. Be sure the valves have the proper clearance first. Put the transmission in high gear and either set the parking brake or chock the wheels front and rear. Listen at the carburetor, tailipipe, and oil filler to see where the pressure is escaping. Bottom line- - - -you're going to need either a re-ring or a valve job, or maybe both. Compression that low is virtually always the result of broken rings or burnt or sticky valves. No amount of tuning is going to fix a low compression situation.
Jerry
