Good information Bob.
If the engine is hard to crank, then it's probably got enough compression to run. The leak down test is interesting , but even a wheezy engine should start and run , even if down on power and smoking like a chimney.
Your idea of watching the valve train is a good one, particularly while watching the timing mark and the action of the points while rotating it by hand.
Pulling the head doesn't take long and will eliminate a lot of guessing. Your patience and methodical work is really good.
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782D
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