Thank you for all the replies. At this time with the responses I have received are: !. Worn engine 2. Sticking rings 3. Hydraulic compensators.

I am making the assumption that this has not run in 10 years but given some of the indicators, it may be less than that.

My concern is that cylinders 1-3 read 60, 60 and 66 lbs and # 4 is 132lbs. To me, that is sounds like a head gasket and the other is issue when I put additional oil in the #2 cylinder and then shoots up to 155lbs; again, an example of worn rings.

So thus far: is there an agreement that by filling the offending cylinders with oil and letting them sit for a week may fix the issue due to stuck rings?

In addition, the oil pressure was good when I cranked the engine over during the compression test.

The next issue is the CIS component. Any thoughts as well on that?

Again, thank you all for your insight. As you well may know, these things can develop into serious money pits and so far, I am $700 in (including the car) and since I am not a trust-fund kid, I want to insure that I am doing the right thing by proceeding with this project.