If you have vacuum, you should have compression, but if it's weak, it may not be enough compression to register on your gauge if there's another problem.
I'm assuming you've got a new head gasket on it. Is it torqued down properly? Someone else mentioned it up above and I should have included it on my list of things to listen for when you do the pressure test on each cylinder -- a bad head gasket will leak around the edges, can bubble up through the radiator as I described, or can pop out through to an open valve on an adjacent cylinder and seem to be an open valve on the other cylinder.
As long as you didn't get carried away with the honing, you won't have done any damage that way. Shouldn't usually take for than a few strokes up and down with the hone to checker the cylinder walls.
Do you have new rings on it? If not, did you clean up the old ones and the grooves they ride in thouroughly? Do they move freely? Did you stagger them so that the gaps on the rings are distributed fairly evenly around the piton and lot all in a row.? Rings on stuck pistons tend to be stuck in place as well and difficult to salvage, and if things are loose enough to go back together without you loosening the rings up and then using a ring compressor to get them back in, they may in fact be loose enough to keep you from getting any compression.
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