[67coupe393C]

I don't think you would see much compression if the valves were not opening at all. My theory:
On the downstroke with the intake valve shut, the piston would draw a vacuum in the cylinder. As the piston goes up, it returns pressure to atmospheric pressure. The only air coming into the cylinder would be leakage past the rings. Cylinders at TDC would do this. A cylinder at BDC would make compression as the piston travels up. If you started with #1 at TDC and tried the compression check, I bet you would see no compression.

Your theory is correct! That is exactly what happens if the valves don't open.

 

[67coupe393C]

Problem solved..... lifters were not pumped up, i guess leaving them in oil over night did not do the trick..... i pumped them up and bang... 180 - 190 on the compression tester accross the board. Thanks so much for the advice guys.

I still have not fired it up because i am worried about the oil pump issue. The pump is new, and installed properly. I am only concerned because i dont see oil being pumped through the system while i am cranking the engine over. Should i see this while cranking or only ehile the engine is running?

I find it very hard to believe that the lifters not being pumped up would cause no compression at all. Must be a very small cam or this time around the valve were adjusted properly.
Glad you got that sorted out anyway. If it has a flat tappet cam,
I hope it didn't hurt the cam. It will pump oil out the rockers just by cranking the starter if the oil system is primed properly. Don't try to start it unless everything is ready, oil,water,fuel and timing.

 

[67coupe393C]

Valves adjusted too tight is most likely the compression issue.
Firing order will have nothing to do with the compression problem.

With all the cranking of the starter and a new cam I wouldn't be surprised if you haven't already damaged the cam. And if by any chance you got very luck and haven't destroyed the cam and lifters then you are very lucky that it didn't start. Now did you prime the oil pump or not? If not, stop what you are doing and get it primed.