Hey Alex,

that # two cylinder doesn't sound so good at 110
the pressures should be 145-175psi with no more 15%
differance between the cylinders,

it is time either get a leak down tester, you will need
the special tool about 70-100 bucks, and a compressor, to pressurize the cylinder and measure the leakage, and you can listen to hear where the leaks is( exhaust,intake,oil tubes)
or just take the head off ,and hope there is just a burnt valve

here is a great thread from another CT16v from last year about fixing the head
http://www.peachparts.com/shopforum/showthread.php?threadid=32357&highlight=16v+head

hope this helps and good luck
please keep us posted Alex