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If rubber bonding between the inner and outer hubs of the crank pully has failed you can get get a false indication of TDC. Common problem, well documented in FAQ's. Test for TDC by probing in #1 spark hole then see if TDC mark on pulley corresponds.
If valve timing is off in such a way as to reduce compression then it would apply equally to all cylinders. Any other compression related problem would vary across the cylinders. My bet one or the other is a valve timing issue, especially since you changed the belt.
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David Hunter
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