Thanks for all the comments on this 327. I ran another compression check this morning, cold with throttle wide open. Six of the cylinders were between 154 and 158 which I figured was great. I put oil in two of those and one raised 3 pounds and one by 10 to 168. I guess that's not too bad. But the spark plugs in these cylinders were oily like the others. Doesn't sound like rings to me but maybe valve guides or seals or maybe just not hot enough plugs? I think the valves, guides and springs were all new at the time of the rebuild.
Number 5 cylinder ranged from 155 to 170 with an average of 164 and number 7 ranged from 128 to 139 with an average of 138. No. 7 went to 156 after I added some oil to it. I guess that does sound like rings? I'm not sure if they would seat if I keep running it or I would do damage. Maybe I did the damage by letting it sit in my garage for 2 years. I have no idea why no. 5 is so high. Thanks for any more insight you may have. Maybe tonight I'll call the guy that did the rebuild - see if he remembers the engine and what all he did to it.