You said it sounded like it possibly wasn't firing on all cylinders. Did you try pulling one plug wire at a time to see if it was firing on all cylinders?
That would be the first place to start, get all the cylinders firing. Could be cross wired, bad distributor cap, points improperly gaped, vacuum leak. Did you replace the oil fouled plugs?
Also, if battery ignition, check the centrifugal advance in the distributor. It should turn a few degrees the same as the rotation, then spring fully back when released. It it is stiff or frozen it will need to be disassembled, cleaned, and lubricated. And check the distributor shaft bushing, it needs to have very little side play in order for the points to stay set.
The compression is a little low, but being consistent is a good sign it isn't serious. If the rings were bad, it would have poor idle, but still run fairly well under power, also there would be smoke and oil blowing out the crankcase breather. Have you set the valve lash lately? It could have tight valve lash accounting for the low compression.
How is the air cleaner? There is a mesh filter element that needs to be removed and washed, commonly overlooked.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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