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Sounds like you are starting to get it nailed down.........The low compression on one cylinder would point to a burnt, stuck or improperly seating valve. Have you run a wet compression test yet? That would help narrow it down further.
I dont know if this will help but when was the last time you changed you fuel filter, my truck was doing the same thing till I changed the fuel filter and put some seafoam stuff in in the fuel filter ran then let it sit over night.I started it the next morning, backfired 1 or 2 times then ran great ever sense.
just a suggestion but if you r runnin a holley carb have you tried changin out the power valve i no i went through a few of them before i got p off and riped the peace of s@#* off and slaped an edelbrock on
Like Alex said make sure your fuel filter is cleaned too. I changed everything out and it cleared up the backfire issue. Now I just need to rebuild the carb so it runs even better. Holly 4180 4br.
you might check your vacum advance. I had a similar problem and was at wits end as to why it backfired and lacked power. Found that the vac advance had gone **** up and turned into a vac leak.. replaced it and problem solved..