Compression Test on my 318, not good

Heads / valve guides, etc should be fine.

When I built this engine 17 or so years ago it got the works, new guides, hardened seats.
Bored 030 over, new pistons, bearings, double roller timing set, cam, hi volume oil pump, etc.
Since its been mostly just sitting around all this time and only has 2-3 K miles on it I doubt I wore out the valve guides. I'm really thinking its a ring thing.