Two thoughts. If you didn't hold the throttle wide open when you checked compression, that could limit your readings as reported. As low as they were, I'd be surprised that it ran at all...
If you haven't done so, check your float. The older carbs had black plastic floats for a while that some how decided to absorb fuel, and sink more than they should. If that is the case, and you won't be able to tell without weighing a new float for comparison, you would get poor gas mileage.
If the choke plate is sticking closed, that will cause you to eat gas also, as it limits air flow, and induces much greater fuel flow. Old carbs had a round black housing for the bi-metallic spring that opens & closes the choke plate. Generally they have 3 screws holding them in place. You can loosen the screws, and rotate the housing so the spring becomes a bit weaker relative to the choke linkage, and the choke won't close so 'strong'. Most are marked "richer leaner" with directional arrows. New ones, not so much. Either way, figure out how to lessen the spring tension and your mileage should improve. You can just buy a replacement float, throw it in, and see what happens.
tom