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You an do it cold or warm. I do mine cold. The biggest help to me is to compare cyl-to-cyl and track the numbers over the life of the engine so you can diagnose where a problem is.
On my home-built gage I see numbers for a fully prepared racing engine in the 3 - 8% range. On a stock fresh engine it is not uncommon for those numbers to range in the 20 - 25% range.
I just rebuilt this engine and I was getting 25 psi in most cylinders dry. However I just poured a little oil down the spark plug hole and got a reading of 5psi. Does this sound right? Which one is more accurate? and should there be any concern?
Don't use oil. If you are using the stock ring pack with un-gapped ends, stock head bolts, bored / honed without a block plate, and a typical machine shop valve job I would expect around 25% as previously mentioned.
Just like to add a little more information to leak down test question. What would be a good psi reading for a fresh 300 rebuild with big valve 240 head, new hyper aluminum pistons, end gaped moly ring pack, machine shop performance 3 angle valve job, honed without block plate?