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compression will rise due to buildup on the valves and/or pistons.
oil pressure and compression are not related, high compresssion doesn't mean the rest of the motor's not worn out. old bearings and/or oil pump will mean low pressure. it might be just a bad switch. get a real oil pressure gauge and try again. i mean a tester, not a dash unit. if it's really low, then you have to pull the pan. maybe it's orings, maybe not. if you want, then you can upgrade to the 81 and later pan and oil pump setup. better oil supply under cornering is why volvo changed the pan. the 76-80 pans are easier to remove and the oil pumps are cheaper. maybe the reason to leave them alone. good luck, chuck.
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