Compression test??

I really doubt you have that much compression(small bore and stroke) plus the cam doesn't help the readings. I had 2 318's with 120, 360 with 160 and my 340 now has 205. If your going to build another motor I would spend the extra money for upgrades with the new motor in the back of your mind. If your going to reuse the heads then rebuilding them is a good idea but if your not then I wouldn't.

Wow 205 on the 340!

What compression ratio is the motor?