How long ago was the engine overhauled? Has your friend run the engine. He may want to run it for a while and then recheck the compression.
Is the engine smoking? If so, is the color of the smoke white, grey, or black. You said that there is signs of blowby, so the rings could be bad. The higher compression head will cause any blowby to be worse because of the increased pressure. Do what Old Sargent, Post #2, said to do. And/or do what the Big Hammer, Post #5, said to do. The leak down test is a specific type of test, but just putting air in the cylinder you can listen for where any leaks are, as the Big Hammer said. Do the test with each piston at or near the top. Any wear will be worse at the top of the cylinder.
#4 cylinder probably has close to the correct pressure. I will let others chime in with their experience.