1988 70 hp mercury

I'm a newbie with boats for starters so I really appreciate any advice/info. I have a 88 70 HP mercury that is very tough to start. The only way I've been able to start it is to open up throttle and spray in gas with a spray bottle. It fires runs a bit rough for a few seconds then smooths out and seems to run ok. It will stay running and I can shut it off and fire it back up just fine until I let it sit for 10+min and then I'm back to having to spray fuel. Fuel pressure seems to be good and the primer bulb is firm. Spark looks good. I haven't had it on the water to really run it, only a tub of water for cooling purposes. It engages in forward or reverse just fine. I checked compression with a new gauge that I've never used and all 3 cylinders are showing only 60 PSI. could It even run on that low of compression? That seems very low and am wondering if the gauge is accurate. I cranked motor until gauge wouldn't rise anymore, about 3-4 seconds.