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You should remove the positive cable from the battery [or turn OFF your battery disconnect] and {this is overkill} pull the central distributor wire from the cap. As you will be wiring the throttle plates open, you will only get the first shot of fuel from the accelerator pump but nothing else during the testing (no vacuum is created with throttle plates open and engine not running, so no fuel is used).
Well... everything except disconnecting the battery. {It won't crank too well with that not hooked up...} [Ooops!] thanks to TimAT for the 'head's up' on my goof
There are basicly 2 things that make your carb deliver fuel. 1, you move the accelerator to deliver a squirt which subsides as you stop the accelerator motion. 2, Air velocity through the carb. There will be insignificant air velocity through the carb because the spark plugs will be out therefore the cylinders will suck air through that hole rather than from the intake. The fuel that the fuel pump supplies will serve to fill the carb till the float level is correct, then the needle and seat valve will stop the fuel flow from the pump. With a HEI ign., the easiest way to stop the spark is to unplug the heavy gauge red wire at the distributor, that way your plug wires won't be sparking.
When you do the compression test, look at some different things- it will help with your evaluation later. 1st, what is the compression on the first stroke? 2nd, what is the final compression at 5 or 6 strokes (but try to do them all the same). 3rd, what is the difference between the high and low cylinders? Should be no more than 10%. 4th, do any adjacent cylinders have EXACTLY the same readings.