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Definitely sounds like a bad valve - 150 psi in the others is OK. Pull the head and confirm that No.1 cyl bore and piston look good. You could take the head to a shop and get them to replace only the (presumably) bad valve. But then, I've personally not had much luck trying partial fixes.
I removed the head on the 81 and took it to a specialist shop which did a complete rebuild for $250. Figure about $50 for a good gasket set and some incidentals (good time to put in a new T-belt, and maybe a tensioner). Not that cheap, but if you are going to keep the car a long time....
After a few hundred miles check all the valve clearances - they do tend to tighten up some on break-in.
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Bob (81-244GL B21F, 83-244DL B23F, 94-944 B230FD)
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