Compression test
 

I did a compression test today and found 2 cylinders with 30 to 60 compression which is very bad. The car isn't worth 5 -6 thousand it would cost for a overhaul so I may look for a used engine replacement or any less costly solution to this issue.
87 560 sec gas V8 300,000 miles
0 120

110 115

60 112

120 115

front

Have a look at the camshafts before you do anything else. :)

Cam shaft, Do you think this is a top end problem?

Compression test - update
 

Can this be done by just removing valve cover?

Yes, you can check the camshafts for wear by removing the valve covers, and yes, worn cam lobes can cause low compression.

Checking the camshafts is a hell of a lot easier than replacing the engine, and it doesn't cost anything except for a few hours of your time.:)

Easy to check the cams on a M116 or M117. I just did the whole oiler tube cleaning/parts replacement last night in 1.5 hours...and I'd never worked on a v8 before other than an oil change. :D

SSSSweet,
You have just sent a breath of fresh air on this car, i'll check that out tommorrow.
Thanks
TTravis