(this thread seems to have merged with another and I am disregarding the ignition switch info although I find it helpful)
It is easy to check valve lap clearance in this case because it is solid lifter. Just manually compare rocker freeplay on #1 or #2 to #3 and #4 on that cylinder bank. Just crank the engine in small increments. When the valves close you can feel the clearance by hand. If the freeplay seems similar then it is probably not the issue.
Since the low compression reading is on neighboring cylinders, I am thinking head gasket. Here is one that failed in a similar manner.