pull the plugs and put marvel mystery oil in each cylinder, let it soak for a couple of days. My best guess would not be stuck rings but a stuck valve, flatheads are very prone to this. What is the compression in the other cylinders? One on occasion I could see the stuck valve thru the spak plug hole, rolled the engine over enough for the other valve to open then put a wood dowell to the other valve and tapped with a hammer-you could hear it pop closed, had to do this a few times to get it to stay unstuck. Good luck