compression test question

I prefer to shove some rope into a cylinder and bring the piston up to hold the valves closed rather than use air.

I would change the seals too before doing anything just to see what happens. The cast a pittance. But the stem to guide clearance may well be way out at this point.

Also, be aware that if the oil rings or 2nd rings are badly shot, then the oil past the rings may make the compression look better than it really is. In that is the case, general performance and other symptoms are the indicators you have to depend on. And a leak down test.