Those compression readings look more like a blown head gasket. If valve timing was far off you may get low readings but it would be consistent on all cylinders. The b230 is non interference engine so no valve/piston damge results even if the timing belt were to go. Valve timing can be easily checked by undoing 1 screw and 3 bolts on the front upper timing belt cover, pry out slightly and you can see the camshaft timing mark.

Typical cause of head gasket failure is overheating, did that happen? If it is a head gasket problem make sure the head is checked when it is off, it can warp and or crack causing the symptoms of the blown head gasket.
Your car is far from toast, an 89 with 90K miles is just a baby it has a life easily 3 times that mileage.