Re: Johnson 55
Well, fortunately it's the 55hp twin versus the 55hp tripple. Now those are a fun one to work on. The ignition malfuntions on those will drive you nuts. The twin here is just one of the upgraded 50's from the early 70's and are pretty decent motors. Like steelspike says, do a decarb on it, once you get it running and things may improve on the comression. If the compression stays the same after the decarb and running it, then it's pretty safe to say that you have a little bit of piston scoring and a stuck ring, or possibly a head gasket issue.
How long has it been since it ran?