Disappointing dyno results

Would I have compression (150-160) if valve timing was off?

It depends on the actual compression, battery charge level, how healthy your starter is, all kinds of things can impact cranking compression. Cranking compression is a guideline, not a hard and fast rule.
So yes, you could have sufficient cranking compression with the valve timing off. There's no way to tell if the valve timing is right except to verify timing events using an indicator and a wheel (or even just a timing tape on the balancer to get close).