I think I'd get a second opinion from a known good compression tester, before ripping it apart.
I don't know your experience level, so forgive the insulting questions.
Was the engine hot during your comp test?
Choke open? On all carbs?
Throttle open? On all carbs?
Kick start or electric start?
How long since the engine was regularly run? Or, how long was it sitting before you ran it?
Do check valve clearances and watch the valve excursion while rotating the crank. Do they move the same distance as the other? Are they "sticking"?
I concur, a plugged slow jet in one carb will make a cold head pipe at low RPM.
Also, a spark plug condition comparrison across the cylinders, may confirm a problem on #3.
Cheers,