Not much to smile about there.
This was a dry/cold test?
Put 5-10 drops of motor oil in each cylinder and try again. If the numbers then all come up even, you have ring issues. If the numbers hardly change, then it's likely valve issues.
The 77-78 F model 750s often suffered from excessive and early valve guide wear. They had higher lift cam, domed pistons, and a valve geometry that made the guides wear faster. Also, the valve stems and adjusters went bad, too.
Once the valve guides wear, the valve to head seal wears too, and the valves leak compression. The valve seals can't compensate for the excessive valve guide wear, leak oil and it goes down the valve stem into combustion chamber, or the exhaust port.
Cheers,