Sat Oct 19, 2013 4:20 pm
Wet compression test on cylinder #3 is a bit low. Probably worn rings on all cylinders and a valve not fully seating on cylinder #3. But considering, I would use the engine as is. Should run just fine.
Reread previous posts. Regarding sooted up spark plugs. I did not see where you have worked on the carburetor. Thinking the fuel level in the carburetor bowl is set a bit high.