You said you didn't check the crank timing mark? The crank timing mark is just as important as the cam marks, so I would check it also. You said it idled and ran okay last time it was running, right? If that is the case, the engine should be okay. I would zero the timing, then re-check the compression. If the compression comes back to something reasonable, then the rings/valves/etc are not bent/broken. Quick, cheap way to check current status of engine internals without full disassembly.
I have had more than a few cases of timing belts getting loose. Most recently, I had a freshly built motor act just like yours. Timing belt had come loose and slipped a tooth. After resetting timing marks and re-tensioning the belt, engine had great compression and ran fine. Just sayin'.



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