How long was it sitting before you started driving it?
If you have another vehicle to drive pull the plugs and put some ATF in each cylinder and let it sit for a couple weeks. After you have smoked out your neighbors, recheck compression dry and then wet (two squirts of motor oil per cylinder). The ATF will help free up any stuck rings and wet and dry compression gives you a better idea of true ring compression.
It sat for about 19 years before I got it running. Ive changed the whole ignition system to an electronic one, had the carter 2 barrel carb rebuilt, new gas tank ,lines and fuel pump, belts,plugs, and all fluids.
I havent removed the valve covers yet though. Ive put about 525 miles on it since I got it fired for the first time. I ordered a set of valve cover gaskets so ill be ready to check the clearances soon hopefully.
Ill post more once I actually get the time to do something, I live in an apartment so I can't dismantle too much at a time Lol.