Re: water leak
You fried the block gasket when you toasted your motor. Pull the cover and renew the gasket and you should be fine. You may need to remove the powerhead for access if you can't get the cover off in place.
Removing the small "horse collar" trim piece under the lower cowling, then dropping the rear cowl support brackets and letting the lower cowl "sag" down a bit, may give you enough clearance to reach the lower bolts in the cover.
Use caution, if this motor is a "Salty Dog" the bolts may be stuck. They are easily broken but a careful application of heat from a propane or MAPP torch may help release them. Be sure to have a fire extinguisher at ready!
A quick-n-dirty repair to get you back on the water, would be to degrease the area around the spark plug & cover, then pack with silicone sealer. Use a Non-Copper RTV such as Hi-Temp Red or Black. The RTV will stop the leaks but of course looks rather tacky and would have to be re-done every time you pull a spark plug.
But, if you're dying to get wet, perhaps a good short-term solution.
BTW your compression readings aren't too bad for a Toasty Motor!
HTH...........ed