No one really worries about static compression, the test is primarily for diagnosis of terminal troubles.

The real question is, how well will this motor run? If all the compression is the same, it will run fine. It may not make top horsepower, but it will be very tunable.

Now, on the subject of ring seal and compression, Smokey Yunick has written an excellent book on the subject of making power. I thought I had the section on ring seal hosted somewhere but I can't find it. At any rate, there is a good chance the engine you have is not broken in, or the rings are chrome and never did seat properly. It doesn't mean the engine is no good, it could be perfectly serviceable in its present condition.

All the racers I know, use leak down tools to determine the condition of an engine, not a compression test.

(if you want to read the section, just mail me and I'll try to find or rescan it. jaxhospice at gmail)