Sounds like it's not running on all cylinders to me.
And popping from the exhaust on decel is going to be from a lean condition, not lack of 'back pressure'. Back pressure is not a good thing and you want the least amount possible, but that's a whole 'nother subject...
I would start by checking the firing order. Make sure the right plug wires are on the right plugs. Here is a picture:
If the firing order is correct, I would pull the distributor cap and plugs, and check them all. By reading the plugs you can determine which cylinder(s) is not firing.
If the compression checks out, then the problem can only be in two other areas. Spark and Fuel. (Unless of course, the timing chain has jumped a tooth or someone didn't put it in the right spot)
Lack of Spark, or incorrectly timed spark can cause a misfire. I would check the timing, and make sure we have spark on every cylinder.
Lack of fuel can cause a misfire, I would check the fuel pressure at the fuel rail.