Here are some compression numbers that I have recorded on my 7.4L (1991) over the years (see below). The first few years I had the throttle closed and the last few I had it opened (after realizing that it made a good difference having it opened)
Your numbers are a bit low, but reasonably consistent. So, it is worth doing some re-tests, etc.
Engine running for 20-30 minutes prior.
All plugs out.
Battery fully charged (I actually leave a charger going during the test so that the last few cylinders have as good a charge as the first few)
For kicks and giggles, you could squirt fogging oil into the cylinder and immediately re-test to see if the number jumps higher.
The spec on my engine is 150 psi . . . So my numbers are close. It is hard to say if my gauge is accurate (cuz it is wicked old). I have 500 hours on the engine and just did a valve job last Fall (getting me to the better numbers listed under "2012").
So, I would think that with a 1993, you should be looking to get similar numbers to my 1991 version. Your engine might be the "Gen V" version, whereas mine is the "Mark IV" version of the 7.4L / 454 ci GM engine, a la Mercruiser.