Sorry for changing thread comments. I checked the comp and it was only around 160 psi on #5. Around 250 on 1-4 and when I pressurized the #5 cyl I could hear/feel air blowing out of the oil fill hole. I will do the drip timing test this weekend before tearing anything down. It "cold starts" badly - I have to keep giving it fuel to keep it running when cold and after it has warmed up it idles very rough. In addition, there is alot of smoke that looks like unburnt fuel. If the timing looks ok I'll pull the head and try to see if there is anything obvious.
thanks

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Jim