Where's the Wow?

Sounds like something with cam or timing then. The vacuum gauge doesn't hold steady but doesn't bounce a lot either... Maybe timing gear off or marks were bad from factory. I guess first try to check the cam lobes. Would I get good cranking compression with bad cam lobes?
yes, well, maybe, because the valves are still opening and shutting. I've personally never lost a lobe, so I generally don't suspect that, but I was using that as a "big bang theory"....