I think this was mentioned, but I'd make sure your crank balancer and timing cover are correct. I know the older ones had a different timing cover.
It sounds to me that the timing is off, it should start right up if all was correct.
My 273 popped off with about two crank revolutions after the rebuild. I was very, very thorough in making sure it had timing marks correct, spark, and fuel.
I wouldn't worry so much about the compression readings. The rings need to seat.