Just when you think you have it, you don't - in spite of my '74 550 being totally rebuilt, I have a no-start problem I think is related to low compression. Granted, I did not perform a leakdown test before I rebuilt the engine b/c the engine was stuck so I had to take it apart anyway, but after putting it all together again with new gaskets throughout and trying to start it, it wouldn't. I went over every part of the engine, cleaned the valves and got all the carbon off them, lapped them, put in new caps and cleaned the guides meticulously, or so I thought. I didn't see anything wrong with them, but did not put them on machinist's dial (which I don't have anyway), however they slid back in just fine with no lateral movement. I did run a bit of a 'test' on them by squirting some carb cleaner into the exhaust holes while pressing on the valve face itself until no fluid escaped, so I thought they were tight. I re-used the original rings b/c they were sharp, stiff and springy enough and I didn't notice any remarkable difference between those and the new rings I bought for my 500 when I compared them.
My efforts to start it resulted in a small backfire or two through the exhaust. I do have spark on all four plugs and have a slight smell of fuel in the cylinders, but the plugs are not wet. A compression test yielded results in the low 120's with about a 10 percent difference on the low side across all the cylinders, which prompted me to do the leakdown test. My compressor is set at 100lbs and the test yielded readings on 1 and 4 at 26 percent loss, while 2 and 3 were at 16 percent loss. I did however get a noticeable leak 'hiss' from the exhaust pipe, so that tells me the exhaust valves may have been (or are) faulty, yes?
I rechecked the valve lash on all the valves (.002 Intake, .003 Exhaust) and that was correct, but now I may be back to Square One, as it were. I also tried tapping on the valve adjusters to see if that would 'reseat' the valve, but that didn't yield much; it helped a bit on Number 1, but didn't do much for the others. Any ideas or observations...??