I have an answer to my compression loss. As MountaineerMike guessed, the problem is a valve not seating. With so much oil blowing past the broken oil ring, the exhaust valve had gotten all gummed up in a short time. Hopefully I can remove the one valve and clean it up, otherwise it is brand new.

Rings have been changed, cylinders de-ridged and honed, rod bearings plastigaged. Now I am adjusting the main bearings and scratching my head trying to figure out if I can get to the front main bearing cap with the engine in place. It seems like I have not only the timing cover in the way, but also the motor mounts and a big ol' cross member.

Karl

Last edited by Organbuilder; 03/02/2013 4:53 AM.
It may not be the easy way, but it is the Cowboy Way - Ranger Doug
Beware of the stories you read or tell; subtly, at night, beneath the waters of consciousness, they are altering your world. - Ben Okri
1953 Chevy 3100
1960 Volvo PV 544
1941 Chevrolet Special Deluxe