Let me know what ya think
I think you don't know the fundamentals of compression testing. I wrote a short schpeil that got placed in the FAQ.
In addition, you haven't calibrated the test gauge, have you? Do we assume you had the choke off and the throttle fully open during the test? If throttle was closed, a carb slide imbalance can effect the numbers.
Without a calibration and knowing just how much volume your tester adds to the combustion chamber, the only thing your tester gives you is comparative data among cylinders.
Yours are all near 10% of each other in the dry test, which is good. If you were accurate when adding oil volume to the chamber (I'd guess not), then your wet readings look like a bit of nonsense.
But, assuming they are real:
#1 and #2 has bad valves
#3 and #4 have bad rings.
Does the bike idle/run on all 4 cylinders?
"Running #$%*ty" tells me more about your capability than than the bike's condition, I'm afraid. There are some significant details missing.
It's rather unusual for a Honda in regular service to have bad rings, if it's had any sort of regular maintenance. Sabotage, abuse, and neglect can change that, of course.
The 77 CB750F did have a history of quick wear valve guides. But, this was represented by oil smoke from the exhaust. Perhaps that's a part of your "running #$%*ty" descriptor?
A compression test can be significantly altered by not having the tappets adjusted equally among cylinders, FYI.
I wouldn't condemn the engine or take it apart with only the information given.
Cheers,