Compression Testing

I'm trying to decide whether to keep the 200ci I6 in my 1980 Zephyr or convert it over to a 302. The car only cost me $100 bucks so I can do whatever I want to it but I don't want to throw money at the six and not get any performance or gas milage. It had been sitting for a few weeks, months, possibly a year as the previous owner aquired the car for work he did on another vehicle and had no use for the zephyr he got as payment.

This morning I took it around the block for five minutes to warm everything up and then do a compression test on the engine. The car has 85k miles but at some point the 2.3L four was swapped for the 3.3L six so I'm not sure how many miles the engine has. But I do know it is choked by plenty of emmisions equipment, which I will need to retain to get to pass the visual inspection in Pennsylvania.

The results of the test showed nearly 150psi in all cylinders except for the first. Cylinder number one topped out at 130psi. Are these good numbers?

The shop manual states 155 to 195 psi. You seem to be there except
for cylinder #1. Did you try to bring it up with a squirt or two from an oil
can ? This will tell you either valve or rings. No improvement it is a valve.
If improved it would be rings. In either case, I would drain a quart of oil
from the crank case and add a quart of Mystery Oil, also a little in the
gas tank. Then run it for a while, it might just free a sticking valve or
ring, especially if it had not been running for some time.
Good Luck, Art