360 Cylinder Pressures

The unknown lumpy cam IS the problem. A cylinder will fire all the way down to about 40 PSI as long as it will HOLD compression. you will never feel a skip, because there won't be one.

Static cylinder pressure is really a moot point, other than to be used as a basis for comparison to other cylinders. People just don't understand that. When a cylinder fires, compression pressure goes WAY beyond the static compression read on the compression gauge.

As long as there's enough static compression for the mixture to light off, the rest is history. You will of course notice a weak engine, but a smooth running one as long as the cylinder isn't dead.

I surmise that if you either advance the camshaft timing or re-cam it and degree the new cam, it will run like a completely different engine. The camshaft now is the entire problem.

In stock form, these engines have somewhere under 8:1 compression. They probably have around 125 PSI in stock form in good condition. Couple that with a large camshaft that has a late intake valve closing event that does not allow good cylinder pressure to be built and the result is what you have.

The book gives a 10% variation between cylinders. You are right around that threshold. Consistency is what counts in a compression test. Although it's nice to see high numbers, what you've recorded indicates your engine is probably in good physical condition for what it is. It needs some changing around to become something that delivers better performance.

My advice would be something like the stock 340 cam, or maybe a 256 Lunati VooDoo grind. Anything bigger IMO will be too big, unless you do something to increase your compression ratio. With a better matched cam and properly degreed, that thing will probably run like a fire is lit under it. It is simply suffering from mismatched parts.