Thanks Robert, I really appreciate the time.
The motor was rebuilt by a local builder in sf. He has a good reputation and seemed to have an understanding of the 345. The engine was rebuilt to stock specs, no special treatment. I'm running a prestolite/pertronixs distributor, edelbrock 1406 carburetor, .035 gap in the spark plugs, 8 mm wires. Basically stock-ish.
I'll do a compression test as you recommend.
Thanks.