Hello hopwooddon,
It appears that near 80 pounds is a good compression with a cold engine block. I do not know if your engine is brand new, but with wear and such, you might have lower readings. Leakage around rings and valve seats start happening over time. If you do a check on a warm engine, you should expect a little higher number, but not drastically higher. All cylinders should read about the same, within a few pounds. Any one or two cylinders that are significantly lower may indicate issues. Rings, valves, head gasket, that kind of stuff. Oil useage and smoking exhaust indicates worn rings and/or valve guides. Compression testers can be of different types. I think the screw into the spark plug hole style makes for a better seal and more accurate readings.
