Question on compression test

From the sound of it, I'd expect something between 100-125psi. You don't say how it runs but I'm assuming "it runs". An engine will run on less than 100 but not very well. I don;t think, if the rings were fuel washed and the oil diluted, that the rings will be of much use either...lol. So get some readings - all plugs out of it, carb wired wide open. Then go back, squirt oil in each cylinder and get new readings. You might want to hook up a battery charger too...