Without spark plugs the compression shouldn't matter. Compression comes into play with the spark plugs installed.
It's the drag/resistance due to the rings and bearing clearances/lubrication that you feel when trying to spin the crank.
If the clearances are right, there it should be tight to turn. If it feels too loose, then you may have too much clearance in the bearings (rod & crank) or maybe the piston to the cylinder walls.
If those check out ok, then good for you. You have a nice free spinning engine and it should put out more power as it is not using up as much to overcome the friction of the parts moving against each other (lower friction horsepower). If all of your clearances are right, then the easier it turns, the better....
