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.
He could have a valve hung open and still crank that much and more.
New motor, check the pushrod length,
Swap wires, plugs....valves hung open