No compression-next move?

UPDATE:
Motor is out of the car.
I have one of those hoses that lets you pump air into the cylinder to hold valves up while you change springs. I loosened all of the rocker arms so there is no pressure on the valves and shot air into each cylinder. All cylinders held pressure! Except for a little leaking past the rings into the crankcase which is normal. I think I may have dodged a bullet! I guess I need to fix the timing chain and do a compression test to see what I really have, but this is hopeful! Advice? Don't want to pull heads if I don't have to. New ARP head bolts cost a lot of $$$