I would warm the motor up some, pull all of the sparkplugs and block the throttle wide open. Disconnect the lead to the coil if it is wired different from the original otherwise just leave the ignition switch off.
Anything over 90 psi is good. What you hope for is all cylinders to be within a 10 lb range. The flathead will start and drive with compression in the 60's, but it will likely be a smokey, smelly ride.