I've rebuilt Perkins', CAT's, Cummin's, Murphies, IH's, Detroit's, Yanmar's, B/S, Honda's,Kohler's, Chevys' Fords, etc, etc and have NEVER seen an engine without timing marks. Have you ever turned any kind/brand of engine over when tearing it down and tried to line the timing marks up after it had been running? All I can say is that there are so manny different 'combinations' that you'd be one of the luckiest guys on the planet if you were able to get the timing right without using any kind of timing mark. Heck even if you were lucky enough to get the valve timing right, getting the injector pump timing right also would be nothin short of a miracle to say the least.
I know my missive on timing doesn't answer your question about the compression, but I think it addresses a big part your problem. That said even gasoline engine in good shape typically well over 100 psi so your way, way low. Most diesels run closer to 325 to 450. Wether they are older engines, or newer ones, the concept of compression ignition doesn't change, and it takes that much compression to generate the heat needed to ignite the air/fuel mix. Granted you've got a new engine and the rings won't be seated yet but that's no reason you shouldn't have compression at least somewhere close to those numbers. In fact I just did a search and found this link. According to what this says your compression should be in the neighborhood of 380 as it sits. From there all I can say is good luck.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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