Well that'll teach you NOT to check the compression before you fire up that beast Bob, ha ha!
But seriously, something is wrong. I just finished rebuilding my 836cc engine, and even before it's first run, I nearly had to stand on the kicker to turn it over! I still haven't done a compression test, but it doesn't blow smoke, so I'll wait until it's bedded in some more before I do.
You say that pistons and cylinders were measured and are within spec, does that mean that you've re-used used parts? That's not normally a problem, mine are used Arias pistons in used bores, but there was a thread here where a couple of "experts" confused everyone regarding the method for measuring correct piston to cylinder gap, just to recap, the correct gap should be around .001 - .002 on one side only, i.e., with the piston hard up against the other side of the bore.
One other thing, and I'm not trying to insult your intelligence, but are you sure that your compression rings are up the right way? The top (chrome) ring should have some numbers or letters stamped on it and these should be facing up, and the same for your second (dull) compression ring. If they're fitted the wrong way, you'll certainly have compression problems.
As you're (sensibly) running lower compression pistons you'll have to expect that 150psi is about the best you'll hope to get, but 40-60 is no good, and my advice is to flip the head off again and do some more measuring! Cheers, Terry.