390 compression question

[FORDT64]

I performed a compression test this past weekend on my 64 hardtop, 390, 4bbl and came up with the following results:

#1 = 135
#2 = 141
#3 = 145
#4 = 145
#5 = 145
#6 = 146
#7 = 140
#8 = 135

The Thunderbird Shop Manual specifies compression in the 170-210 range. Yet, I have been given indications that my numbers may be considered acceptable. One source claims that the best to be expected from an engine like mine, in new condition, would be 150. Does anyone know how these numbers can be so far below the specs and still be considered o.k.?

I'm trying to decide if I should do a complete rebuild, or if I can just replace the leaking seals and gaskets.

[verdejor]

just hone the cylinders and put new gaskets and rings. FE engines are like tanks in my book. If you rebuild the engine, drill and smooth out the oil passages a little bigger.

[boaterbob]

If that engine has good oil pressure and no bearing noise when warmed up i would just replace leaking gaskets. Should run fine with them numbers.