Timing chain wont cause the compression to be low. You've got either bad rings, bad valves, bad head gasket, or all of the above! No matter what, the engine needs rebuilding, or replacing. Bummer.
Sorry.

 

That's bad. The one cylinder that has 151 is pretty good, and it goes down hill from there. An acceptable range is for the cylinders to be within 10% of each other. With a highest of 151, your lowest should be 136. To check to see if it's the rings, go back to one of the low cylinders and check it again. Then with an oiler, give a few squirts oil down the spark plug hole trying to shoot around the circumference of the piston. Then check compression again. If it shoots way up, your rings are shot, which is what I'm suspecting based on what happened.

 

Whoever told you that a timing chain causes low cylinder pressure needs to be taken out and shot. Thats like saying bad tires cause radio interference. (sorry, I got no other example). David, your engine is blasted. Dont even spend any more time figuring out what is wrong with it. Call a few junkyards and search craigslist for a 350. You can delete all the computer crap if u install a plain old carb'd model. I know this sucks, but we can walk you thru it.

 

They were just a little bit misinformed. A broken timing chain will cause no compression since the valves need to breathe in, seal, and breathe out. None of which will happen if they ain't movin.

 

like i said motor rebuild

 

time for a engine swap i say find a 327 and drop her in