318 compression test results

There is no way I would put a cam in a street-engine ANY street-engine, with pressure numbers as low or uneven yours.
Furthermore; it has happened that, that when a high mileage engine is given a valve job and put back together, that the engine now burns oil, by virtue of the greater cylinder pressure and better vacuum signals, which now reveal/aggravate a pre-existing ring problem.. So now yur into it for so many dollars, but now have to do the rings. So after that it just snowballs into a full rebuild.
Furthermore, that #3 cylinder is scary. Something could be going on in there that an LD test may not reveal. Before I spend a nickle on that engine, I'd want to know what it is. IMO, this is the only cylinder that might benefit from an LD test. But how will you know if the pressure loss is due to; a blown head gasket into the valley, a wrist-pin gutter, poor rings, or the engine just swallowed a foreign object. I don't think you can, and I don't think a LD test will reveal anything useful, unless you have a burned valve. And since we already know that the heads need a rebuild, and the engine by the wet/dry test, needs rings as well, IDK, at this point I think an LD test is superfluous. As for me, I'd just yank that head and look.