Bad news for the 1980 POS

[PRattenbury]

Well, I knew the engine had some sort of malfunction since it got back from the tranny shop. But I needed the truck to get to work with, so I drove it. Anyway, I finally got around to doing a compression check on the engine. The same engine I spent all sorts of time and money on this past winter, putting in a cam, lifters, timing chain and gears, intake, carb, heads, MSD ignition, blah blah blah... All my cylinders are 100-120PSI, except for #1, which has 45 PSI. I took the valve cover off, put my fancy 'window' valve cover on I use for setting valves. Started the engine, watched the valves on #1. Everything looked fine. So I backed off the exhaust valve rocker till it clicked, tightened it till it was quiet, then gave it 3/4 turn more. Did the same for the intake. Put the real valve cover back on. Hooked the compression gauge back up. Cranked it again, still 45 PSI. Am I dead? I get angry clattering noise in upper RPMs just before a shift. But I don't beat on it. I'd guess the RPMs are 4000 maybe when I hear the clatter. Engine runs like ass. No cajones at all. All the plugs look good to me. Nice light grey color.