Since it appears that an exhaust valve is leaking compression using the air-compressor-in-the-spark-plug-hole test at TDC, I pulled the bearing caps off the exhaust cam and carefully tilted it out of the saddles 1/4 inch with the chain still attached. This got it away from the lifters (hydraulic adjusters actually) to observe their resting height. Was thinking a lifter may have frozen in the fully extended position holding a valve off the seat. Not so. All the lifters are the same height. Looking more like a burned (or bent?) valve now. Wish I could see inside the chamber. Did confirm the piston is moving up and down (no thrown rod) but zero compression. Looks like I get to pull the head after all. Will let you know what I find. -Don in Indy