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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Today's Featured Article - The Cletrac General GG and the BF Avery A - A Bit of History - by Mike Ballash. This article is a summary of what I have gathered up from various sources on the Gletrac General GG and the B. F. Avery model A tractors. I am quite sure that most of it is accurate. The General GG was made by the Cleveland Tractor Company (Cletrac) of Cleveland, Ohio. Originally the company was called the Cleveland Motor Plow Company which began in 1912, then the Cleveland Tractor Company (1917) and finally Cletrac.
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