Originally Posted by
p38arover
Worn cam lobes is not uncommon on old Rover V8s.
I'm no mechanic but I imagine if the valves don't open fully, the compression will be affected (the reason compression tests are done with a wide open throttle).
I assume the wet test referred to by Rupert is done by pouring a small amount of oil down the cylinder to seal the rings. I usually do that after the initial compression check. If the pressures rise, it indicates the rings may be worn. If thy don't the problem could be valves.