Dead hole. What’s the next step

Probably carbon or something trapped between the valve and seat. Tapping on the end of the valve like AJ mentioned might do it. You can also try spinning the valve. You can usually do it by hand with a little inward pressure against the spring. If it was a broken ring or hole in the piston, you would have noticed quite a bit of oil smoke coming out of the exhaust, so, I doubt that's the problem. If the oil pressure was good (at full operating temp), and everything was quiet, you should be good. Since the engine is out, I think I'd still pull the pan and take a look at the bearings and timing chain. A fresh re-seal and new freeze plugs will save you grief down the road.
Two weeks ago after running it I had a slight weep at the timing chain cover. I replaced water pump and did the timing chain gasket. Chain was fine. Was a steel gear double roller chain. Did oil pan too. Cleaned out the pan. I did t check bearings but for what it’s worth I did try and jiggle the rods with no movement. I did the six lower freeze plugs as there was a lot of gunk antifreeze and man there was a lot of crap in there. Then she got painted and all that was left was to tune it/get good with carbs