engine hesitation - update

On 4/15 I posted the following message:
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I have recently developed a severe hesitation problem. Cyl 1 shows
compression of 120. Other 3 have 150. If I squirt oil into 1, it
also shows 150. There has been no change in compression or vacuum
(18), but the hesitation and missing started suddenly as I was
driving last week. Prior to this, I ran smoothly at all speeds up to
85 mph., although the engine had been a little weak, I consume very
little oil, except at sustained very high speeds,

Now the engine idles nicely, but hesitates under load under any
driving conditions. I removed the #1 spark plug wire and grounded it
to the block. Car runs much smoother now on 3 cylinders at all
speeds than it had been on 4 with one missing..
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I received a few helpful online replies suggesting rings. I have 3
shops that wanted to do an engine job for about 2,500 - 3,000. Of
course I would expect this price to go up once they have actually
opened the engine.

Knowledgable friends said that since there had been no change in
compression or vacuum before and after the hesitation started, it may
be something much simpler - an ignition problem. They said the car
should run reasonable well, though not anywhere near peak performance
with compression of 120. Both figure I should be able to run it until
it falls to around 90 - 95.

Sure enough, I changed out the ignition wires and the car runs better
than it had been running prior to the problem.

I know I will eventually have to do the engine job, but I have bought
time. I'll make an attempt at doing the overhaul myself during the
summer.

Thanks all,

Tom