I have the same bike, and have used a few different valve spring compressors. I bought the following one a while back, and won't use anything else now.
http://www.amazon.com/Tusk-Valve-Spring-Compressor/dp/B0039L9GAC/ref=sr_1_16?ie=UTF8&qid=1299393158&sr=8-16Try starting that engine up before you go through a teardown. The rings in the weak cylinder might open up. I'd try pouring some "seafoam" into the cylinder first for a couple days, and then give it a go. If it runs, then let the engine heat up and cool down a few times, and then check your compression again. If it is up where you want it, then you are done. If not, then start on the engine rebuild.
Don't buy any piston ring compressors. The bottom of the cylinders is tapered, so the rings are slowly compressed as the pistons slide into the cylinder. Stagger the pistons so two go in at once, as mentioned before, and it is a cinch.
If you pull the engine apart and replace your rings, then check your cylinders for roundness first. They need to be round within a couple thousandths front to back and side to side at the top, middle, and bottom. A machine shop could check them for you.
If your cylinders are round, then honing can be done at a machine shop, by buying a honing stone at an auto-parts store (just get the small units that fit into your drill), or by hand. You really just need to scuff up the cylinder walls a bit to get the rings to seat. There is a bit of an art to it, but check back when you are at that point so we can weigh in on the health of your cylinder walls.
Good luck, and welcome,
Camelman