I'm back, finally find some time to properly check the compression (hot engine, throttle open, all spark plugs removed). I also adjusted the timing to 18 BTDC @ idle and 36 @ 3000rpm (no pinging, vac advance disconnected&plugged).
Here are the results - the first number is achived after two compression strokes, the second after two more crankshaft revolutions. Sequence of taking measurement was 8-6-4-2-5-7-3-1.
1 cyl 110-125 psi
3 cyl 110-130
5 cyl 115-130
7 cyl 110-135
2 cyl 110-130
4 cyl 120-140
6 cyl 120-135
8 cyl 120-130
to sum up: timing is ok, carb 770 street avenger (68 jets), stock exhaust & intake, lunati 220/226 cam, 3.23 rear, 1800 brake stall.
So IMHO the faulty element is the converter...