I brought home the 12mm adapter and tested out my compression.
I got the following:
Cold Engine (psi, Cylinders 1 - 4): 120, 105, 110, 120
Hot Engine (psi, Cylinders 1 - 4): 125, 115, 122, 120
Hot Engine with oil (five second spray of WD-40) (psi, Cylinders 1 - 4): 125, 115, 120, 120
Surpringly, my "bad" cylinder has the best compression. I'm interpreting these numbers as vindicating my valves and pistons as they seem high enough to me (considering there's about two feet of rubber hose between the cylinder and the gauge, I'm guessing that the "actual" compression is quite a bit higher).
Continuing with the troubleshooting, I swapped the fouled plug in cylinder 1 with a good one in cylinder 4 and took it for a ride. The old bad plug (the one that was moved from 1 to 4) was cleaned up somewhat, and the old good plug (moved from 4 to 1) was fouled. The problem didn't follow the plug, so I guess I can conclude the problem is not the plug.
Then I swapped the 1 and 4 plug wires (they just reached) and took it for a ride. The problem did not follow the wire, so I guess I can conclude the problem is not the spark plug wire.
I'm running out of things to test! I guess the only thing left is carb #1. I had rebuilt carb #1 with a Keyster kit about one month and 1000km ago, so I figure it's the least likely to be messed up, but after thinking a bit, I suppose, when my camshaft was off by nearly 180 degrees, it's possible that cylinder was doing something wacky like sucking in from the exhaust and blowing back towards the carb so, for all I know, carb #1 could be in really rough shape. I hope all it needs is a cleaning.
I can't believe I botched the cam timing so badly!