Re: compression check
I think there are instructions on the FAQ's pages somewhere, but if not...
Pull all plugs, put back into boots and ground them to block. (or use a spark tester instead) Insert the compression guage into one plug hole, open the throttle up, turn key and let the engine turn over several turns. Note reading on gauge and repeat for all cylinders.
My understanding is grounding of plugs is essential to ensure you don't fry a coil or other electrical component. If you can lay the plugs on the block, so they won't move, that's fine. Otherwise they need to be held there, wich would require a seperate set of hands or you can make/buy a spark tester. O'reiley's sells individual ones for about $5 appiece. You put the plug boot over the end on the tester, then clamp it to the block.
You might also unhook the lanyard, which may kill the spark, if your boat is equiped. You want to ensure the plugs aren't over the plug holes, so the boat won't try to start.