I appreciate your encouragement and suggestions. I've never had much faith in my compression tester. I've used it when buying boats and had sellers tell me that they, and other potential buyers, have had higher results.
Once I was on my way to buy a boat, and realized I'd forgotten my gauge. So I bought another one from Harbor Freight; The first is their 8 Piece Model and the 2nd was their Quick Connect. I'll bet neither are very accurate. But they do seem to be consistently inaccurate.
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I'm going to take your advise and get a quality gauge. In the mean time, I'm going to 'rent' one from my Advanced Auto. I know this won't change the fact that the motor is worn out. But at least I'll know if there is any life left in it.
I did another test. The first was done after I replaced the flywheel, stator and water pump. The second was done after the carb and fuel pump rebuilds. These are the results.
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Cylinder #1 saw the biggest gain of about 8psi. But just a pound or two, if any, on the rest.
For the record, when the results of the first compression test came back so low, I did tell the owner that it indicated a rebuild was needed.
A doner motor is a great idea. I recommended one when the owner was finding outrageously high prices for a replacement flywheel. Before he bought the flywheel, stator or any of the rebuild kits, I cautioned him that we could quickly exceed the value of the motor. I looked up the NADA fair market price and quoted it to him. His reply was that he already had twice that into it and it didn't make since to him to stop until it was fixed.
Thanks again for your kind post and well wishes.
Cheers