The problem could likely be a burned valve, but it would be a good idea to remove the valve cover, and check for proper movement of the valves on #1 cylinder. Do they seem to move the same amount as the other cylinders? Possibilites other than a burned or sticky valve are: valve set too tight, bent or damaged push rod, push rod out of place, broken rocker arm, bad cam lobe, blown head gasket, and probably a few more. Also, check for a carbon-tracked or cracked mag or distributor cap. If you narrow it down to a likely burned valve, you can verify this buy buying an adapter to screw into the spark plug hole that hooks to an air hose. You rotate the engine to a possition where both valves are closed, and apply air pressure. It will leak out the offending valve into the intake or exhaust manifold. If you do not want to buy the air-to-sparkplug hole adapter, you can make your own by breaking the porcelain out of an old spark plug, and welding or brazing in a pipe fitting that will connect to your air hose.
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