Re: 1973 johnson 4 hp
Make sure that is the problem first. Yes, check the compression first. Then try running it and disconnecting the spark plug wires one at a time. If pulling one does not make a difference, then that is the dead cylinder. If you pull one and the RPM drops but it still keeps running OK, then the ignition is OK. If it dies completely when you pull the wire, then that is the good cylinder and the other one is the dead one. If you have a spark tester, each one should jump a 1/4" gap with a healthy blue-white spark.
If you find out that you have an ignition problem, then you will have to pull the flywheel off and replace some parts. I just replace all of them when dealing with a motor of unknown maintenance history and it's good for another 20 years.