If everything looks good up top, it may be a valve not seating or hanging open some. I like to make an adapter for the compression tester to put compressed air in the cylinder. Lets you get an idea where the leak is.
Jason, we crancked it over while watching the valve action and all the valves were coming back to the top. I agree with you that for some reason the valves are open when the piston comes to the top. How else could there be valve marks on the pistons. You would think valve timing, but #1 & #2 are fine. Scratching my head here.
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