PackardDon wrote:
It looks like a very nice car to start with as a first!

Maybe before pulling off the valve covers, you could take out the spark plugs and fill the cylinders with oil. It will make a mess but crank in very tiny amounts to get it worked down into the cylinders where the pistons are up in the bore, then loosely screw in the spark plugs. Let it sit a week or two, the remove the plugs and crank out all the oil but place some towels on either side to catch the oil!

Try the compression test again to see if it helped. If it did and before you try to start it, change the oil and filter as you don't want to start it with whatever is in there now.

Before starting, clean and adjust the points as they likely have oxidization even if they otherwise look good. Fire it up! If it runs, it will smoke badly for a while from all the oil in the cylinders but it should burn off after a while. Just be sure you have plenty ventilation and maybe even a fan blowing.