Something just don't make sense.
I am with Rusty on this one.
I think the off shore gauge is not reading correct, but at least you know #4 is low.
Sounds like a valve was not adjusted right.
Also why did it it not start right up, the heads and pistons look really nasty for 3,000 miles. With a motor with a low cylinder it should have fired right off.
Maybe running too rich or rings not seated???
FYI my 360 mag with KB 107 with Eldebrocks has around 200 psi cranking compression.