Steve; yes, the numbers look pretty crappy BUT...don't give up on it just yet

!.......did you do the compression check wet or dry?; made a big difference in mine; ran a "dry" compression check and the numbers were pretty sorry on the 87 motor I picked up and that now lives in the 78.......squirted some marvel mystery oil and turned the motor over several times several days in a row; then checked and they had all come up except IIRC # 6 which was at 110lbs and after running for a while now are all pretty much from 133 to 140 lbs......when motors sit for long periods of time things tend to rust and stick.........specially valves and rings.........you have rust on the rockers and there is going to be some "stickyness" in your moving parts

if the numbers pick up?;

just change the rear oil seal and run the snot out of it while you rebuild the other 76 2F at your leisure .............just my 0.02
HTH
Lou
Steve, like to store things that make sense to me; found this a while back and saved; it's is from the "Mopar Imperial" club.......I'm not smart enough for complicated problems and when I run into one I use the "KISS" principal ......Keep it simple stupid
We always did the compression check cold. We did a dry compression check- take out plugs and check each cylinder while recording each. Then a wet reading- Shoot 1-2 squirts of motor oil from oil can in cylinder and check each one then record. If you have a 25% variance in the reading between cylinders you have a problem. That is 25% between #1 and #5 on dry test. If it does not come up on the wet test it is a valve. If it does it is rings. You can tell which valve it is by going on Top Dead Center on the weak cylinder (Piston up both valves closed) shoot air in the cylinder with blow gun, if it comes out the carburetor it is an intake. If it blows out the exhaust it is an exhaust valve. If it goes into the crank case bad rings. For a true idea as to what is wrong I would do both tests.