Yeah, I'd be troubleshooting that compression issue more before pulling the head and cam out.
Have another round of compression testing.
- pull all 4 plugs out so it cranks round and round with some decent cranking RPM
- hold the throttle open while testing
- test 'dry'
- put a small amount of oil in the cylinder (like a tablespoon), crank it around a couple of times, and then test it again
That 'wet' test can help rule out piston ring issues. It makes a temporary better compression seal if the rings are not sealing properly for a variety of reasons (worn out, stuck in their grooves, not bedded in properly, etc). If it jumps up - you need to pull the pistons and see what's going on. If it stays relatively the same, your compression issues lie elsewhere. Still could be the bottom end - things like compression height differences, cracked/holed pistons won't improve with a little oil.
If you can do even a basic shade tree leak down test it would be more informative. Just use an air hose and blow air into the cylinder at TDC (or at least with the valves closed), and then listen to where it's coming back out. If it's coming out of the block, it's something wrong with the piston (or possibly head gasket). If it's coming out of the intake - it's a valve, same with the exhaust. If it's coming out the coolant, it's the HG.
Then once you've gotten that tidbit of information, pull the head off. Eyeball the HG really well, see if there's any indication it was leaking. Maybe do a quick sanity check on the compression height - run the pistons to TDC and measure them vs. the block deck (flat edge and feeler gauges). I'd tend to think it would be a fairly large difference to produce a 30psi swing in compression, but just rule out that some mismatched parts got put in.
Another sort of leak down test that can be performed with the head off - pour a little light oil or even gasoline on top of a 'good' cylinder and to a similar depth in one of the 'suspect' cylinders - and then see how long it takes for that to leak past the rings and down into the oil pan. You can also do a similar shade tree leak test on the valves as well, set it upside down, pour some gas or light oil in the chambers, see if it stays there or leaks into an intake or exhaust port.
At this point, I tend to think the dyno graph is mostly the effects of a weird low-revving cam. But you may have uncovered a somewhat unrelated issue with the compression tests.