Thanks again, everyone. I was just using a standard inexpensive compression gauge, throttle open, turning the engine over about a dozen times. I now know that these readings aren't accurate, but at least I know the cold reading is at least 75 psi and the machine runs great, and I know the hot compression is not less than 75 psi. The ignition wire is already connected to the battery. That's the way it came, and I haven't had much time when I didn't think I'd use the 124 to work on rewiring it properly.
I hadn't considered the gas cap, but I know I have checked it for gas when it started running poorly at least once, and I would think that would have let some pressure back into the system, so I'm thinking it's probably not that. I have the old-timey glass bowl w/ fuel cut-off that you guys helped me find a couple of years ago, and the engine doesn't want to crank back up until it has cooled off, so I'm thinking it's not a fuel-related issue.
I have to admit I'm a little eager to get this thing running. I had about 20 trees cut down and still have fill dirt to move, spring is coming and I was kind of counting on this thing to help the job done. I don't have a lot of time to wait on parts to come in the mail, and I don't want to use my nearly-new John Deere mower as a tow vehicle... so if I seem to be leaning towards parts I can get at the auto-parts store, that's why. If I have to wait, I have to wait. I know the thing is almost 50 years old, and I really like it -- but I like it the most when it's running well.
I left myself open to Murphy, and he may get me this time.
Is the condenser very specific to the engine or is there a more common one I can use that's a little easier (quicker) to get? It's just a capacitor, right?
I like the idea of the VW coil if it mounts right up... I don't have the means to do any customization that doesn't require cable ties and duct tape.
I'll have to post some pics of it soon. I want to finish my "farm grade" utility paint job first, though. I like the machine, and wife willing and if the Creek don't rise, I hope to get a lot more work out of it.