A good way to tell internal engine health is a Leak Down Test.... and a pro or knowledgable hot rodder can tell by listening - what the possible problem is.
This is a test using compressed air -- and if you listen to the air leaking it can be determined if it's the valves (air leak sound in the carb) -- or the rings (air leak sound in the crankcase) - or whatever...
Using the spark plugs is another good way to get a view of which - if any - cylinders might be a problem.
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