I've thought it over and I'm going to have the head rebuilt. The amount of oil seeping out from the manifold/head gasket and running down the head isn't normal or "good". If that cylinder was firing, it would just be burning quite a bit more oil than it has been.
At one point today I cleaned off the seeped oil, replaced two plug wires, fired it up, shut it down, replaced the other two wires, fired it up, did some tests, then shut it down. In just that few minutes the oil had seeped out again and ran down to the cover below, an inch or two wide shiny seep.
The plug not firing I'd expect to be covered in gas (flooded), not covered in unburnt oil like I mentioned.
so whether it has compression or not, the head has issues and needs some TLC. and the reason for the cylinder not firing will be found as it's being torn down. with it leaking oil so easily out the manifold gasket, it's probably leaking air as well. The manifolds look brittle, so while it's torn down if they as brittle as they look, they'll be replaced as well.
Too bad it didn't do this last spring, it would have been a nice summer project...
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