What sort of use is the engine going to see? If it is just going to be a weekender, then I wouldn't even worry about it. A few pounds down on compression won't worry an old red motor. It may not have the same power it had when new, but it isn't going to stop either. I've seen a lot worse that still run fine. I would be surprised if the one in my Series III was still in spec, but it runs fine and I won't be touching it.
Just my 2 cents...

