Do you know the compression ratio of the engine? A Ford Model T guy would be wondering why cylinder number 1's reading is so high.As expected, the compression test revealed some low numbers, much lower than I usually see. Number 1 is 72 psi, two is 58, three is 43 and four came in at 58 psi.
It will be interesting to check the numbers after changing the oil to Penrite 30W 70 which claims to reduce blow by. I really doubt it will improve much but worth a try
I'd be thinking your specified CR will be somewhere in the 4 to 1 to 5 to 1 range. If so, somewhere around 60 cranking psi is to be expected.