Re: Compression trouble cranking
The lanyard switch described is a push button switch which is depressed, enabling the ignition system, when the plastic end of the lanyard assembly is inserted into it. Pulling the lanyard from the switch disables the ignition, so if you have the lanyard attached to your clothing, and you get thrown overboard, the engine will stop and not run merrily along at WOT without its captain.
For the compression test, removing the lanyard from the switch disables the ignition so you can crank the motor over as much as you like, without generating any spark. Once ignition is disabled, turn and hold the key in the start position to crank the motor through at least 5 full crankshaft revolutions to measure the compression. More revolutions is better. Five, typically, is enough.
Regarding the 'other route', if you ground your plugs or plug wires, why can't you crank the engine all day, just as you would be able to with them connected normally but, for instance, out of fuel? You just hold the key in the 'start' position long enough to keep the motor turning through at least 5 revolutions.
Good Luck!