Manual says that anything less than 120 cranking compression, plugs out, throttle wide open could be cause for concern.
"0" PSIG, especially on #1 (easy to get a good reading) is especially of concern.
Yes there is a water jacket cover but no separate head.....been that way since day one.
Peering through the spark plug hole with a fiber optic probe (about a hundred bucks on ebay or less) gives you a peek inside.
More of a problem would be to remove the exhaust water jacket plates where you can see the rings through the exhaust holes in addition to the piston top.
If engine is gummed up, rings may be stuck and allowing compression to leak down. Doing a "decarb" may fix it.....google the word for instructions or go to the archives herein.