It's an F head, low compression type. The compression test gave me a weak feeling in my knees. Cylinders 1,3 and 4-95 psi cylinder 2-90 psi. The compression gauge jumped right up th 75 or 80 psi on the first revolution in each cylinder then 90 or 95 on the second and third. So according to what I read the rings and valves are probably okay. Stll that's way lower than anything suggested in the shop manual. It runs well enough, but the low compression must be a function of the over-sized chambers of the head.

I adjusted the valves to .018, re-did the timing and the Weber's idle mix and fast idle so it's all within the factory specs as far as that goes. I also took out the diaphram from the accelerator, nothing obviously wrong like a hole or tear or brittleness.

I'm not sure what you mean by a drop indicator or a degree wheel, but i'll guess.
Is a drop indicator anything like a surface indicator that a machinist would use. A little lever with a ball on the end moves up and down reading the variations of a surface by thousanths on something that looks like a clock face? I have one of those. If what I'm thinking is correct, wouldn't it be the same as measuring valve lift? Wouldn't I need to be able to set the indicator's ball on the end of the valve stem? Meaning the rockers are in the way?
Is the degree wheel, sort of a 360 degree protractor that mounts to the front of the crankshaft pulley and the number of degrees of rotation are then read from the time a valve goes from closed to fully open? Maybe using the timing mark on the front seal cover as a starting point?