I have a 1988 Ranger with a 2.9. It has low compression in all cylinders, 60 PSI. If the rings are bad dont you think it would be burning oil? It was manufactered 1/88 so it has the better heads. Could it be blown head gaskets or warped heads?I think the previous owner over heated it at one time due to a small leak in the radiator. When it sits over night it starts up fine but after its running temp it has to crank a bit to start and smells of raw fuel. This truck wont go 70 on the interstate.
Your 88 likely does not have the upgraded heads (mine sure didn't). Don't think it would be a head gasket sealing issue if it's across the board. How long did you crank the engine when you did the test?
Put a little oil in and re-test a couple of the cylinders. If you get a higher reading, rings would be suspect. But seems like it could be more of a valve sealing issue. Anyone mess with the valve train adjustment and tighten them too tight? Might hook a vacuum gauge on it and see what you come up with.
Did you do the compression test when the engine was hot. Warm the engine up pull all the plugs and crank it on each cylinder until the guage stops moving. Usually two or three revolutions. My guage had a leaky seal on the disconnect a piece of teflon tape was keeping it from working correct.
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