Re: compression ?
That's not too bad, but you'll want to keep an eye on it. If the compression stays the same I wouldn't worry, if it shows a decreasing trend you're gonna want to pull the powerhead and, at minimum, check the lower crankshaft seals. These have a tendency to go bad then water will be sucked into the cylinder with poor results!
It may help to run some carbon cleaner thru the motor, here's info on that:
http://forums.iboats.com/showthread.php?t=158076&highlight=seafoam
Also, I'd be checking spark plugs after running to make sure there are no droplets of water on the plug. All 4 plugs should have similar appearance. If #4 is unusually clean, there's a chance that water intrusion is 'steam cleaning' the plug. A large fuel leak can also 'wash' the plug clean but you'd notice a lot of other symptoms, including probls with #3 cyl, if that were the case.
Anyway, if it all checks out, keep an eye on 'er and as long as everything remains stable, I wouldn't be overly concerned.
HTH.........ed