Here's a photo of the spring compressor we used last fall to overhaul the valves/lifters/lifter seats on my '50 356. It got a real workout.

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If oil consumption is reasonable, I'd suggest that a valve job is probably in order, assuming the tappet clearances are now reasonable. Assuming the guides are OK (they're a dog to change!!) it's a pretty easy job, though not a quick one. Valves if needed, often just exhausts, are readily available.

If the seats are reasonable and still narrow with no battering or other flaws and the valves OK, simple lapping could do a very nice job. If not you'll want to reface the seats and possibily have the valve faces machine-surfaced. You don't want to hand-lap the fit of a freshly machined valve and seat, it can't be improved on. Here's the power seat refacing equipment I use, it's an old Black and Decker with a Sioux diamond stone facer. I just finished a valve job on a 38 Eight (120) and would be glad to give any advice you might need if you tackle it yourself.

EDIT: If you're going to power-grind the seats, best to get someone who has the equipment and has done it before to help. And don't forget the inlet seats and exhaust seats are ground to two different angles (30 and 45 degrees). If you've not done it before, GO SLOW and get advice along the way. For example, if the seats become wider than about 3/32 inch due to refacing, you'll want to use stones of both narrower and wider angles to narrow the seat and center it on the valve face - take patience and care.

I've done more valve grinds on flathead Packards that I can count, feel free to phone or PM me if you want more advice.

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Get ahold of a Snap On catalog, there's a LOT of specialty tools in there, and I believe there's some long handled thin wrenches in there that are perfect for valve lash adjustments.

I seem to recall that there are special long handled wrenches mechanics used to adjust valve lash to avoid getting hands to close to the manifold. Maybe if you could located some a set of those it would be easier on the hands and arms.

John, Thanks for the compliments. The car is running well except the O/D won't engage. The fellow parked next to me asked me if I wanted to sell it to him.

I drive the car quite often. I do have a slight shake at idle and it does seem that I should have a bit more power but otherwise the car drives fine. Now that I installed an OD tranny I can cruise at 55-60 at about 2400 RPM. I was just doing routine checking of things in general. I had it out for a 150 mile trip Sat. and all was fine. Maybe I'm just too used to driving a 300 HP 2800lb car as my daily driver.

If u set them COLD, engine OFF, then there is a particular sequence of MANUAL engine rotation vs valves adjusted that must be followed. WHat is the firening order??? That will determine the sequence.

Low compression readings could be the result of valve lash adjusted too tite.

Has the car been running recently????? When was the last overhaul???? How many miles are on the engine??? WHAT prompted u to do a compression check in the first place????
How well does the engine start and run????

I would follow Owen's recommendation for cold clearances if you are doing an initial setting to get the engine running for the first time. If you are adverse to setting the valves with the engine running, you can run the engine to operating temperature, shut it off, check and set a few valves for the factory recommended clearances, and repeat until all valves have been checked and set. All of the valves are assessable with the manifold installed and the engine in the car.

yes to all of the above