Those reading are not that bad. I don't trust compression or leak down tests on a moter that has been sitting for some time. The valves, seats, rings and cylender walls rust and can account for high leakage that wil go away after you run the motor. A couple of years ago I bought a flow meter from Dwyer Instrements ( they have a website and sell on the internet) and I measure blow-by out of the crankcase with it directly. A good race motor will blow by less then 1 cubic foot/ min. I bet 5-10 CFM would be fine on a street motor. A 0-5 or 0-10 CFM meter is about $70. thats a bargan compaired to the labor involved in pulling a motor apart only to find the rings good. This is the only thing I trust to evaluate ring seal.

A simpler test is to see if it blows a lot of gas out the breather when you rev up the motor.

You can reuse bearings in a Volvo if they look good.

Charlie