Diagnosing cylinder misfire

Is it just me, or does a compression test with an average of 116 seem a bit low for a modified 318? Since the compressions are all so close, I am leaning towards a probable ignition or a possible fuel problem.
Initially when we tried to start it, it had an ignition problem with it. That’s why we put in the new distributor and replaced the msd coil with an own one. I was thinking too it would have been a higher compression rate as well.