Okay where did anyone say 30 PSI? if it were that low, a finger blow out the plug hole is all that's needed. Leak down will give you exact condition of the piston/rings and cylinder wall at TDC. If one jug is toast you can read the others to see what condition they are in. My old 9.9 Merc had 4% leak down and that's good for an old engine. Compression showed 100PSI, but the engine has exhaust relief posts for easy pull starting and that distorts the compression readings. Also if your reeds are stuck open a compression test will read low, as the fuel/air charge is pushed back out the intake instead of up into combustion chamber. Worn seals can also lower the readings. Many high performance two-stroke's with high/raised exhaust ports will read low on a compression gauge at hand cranking speed, but a leak down test gives the real condition.
In the OPs case if its more than a head gasket, I doubt that 39 year old engine is worth spending any time and money on given its age. Parts, (if you can find them ) labor, and machine shop costs make in an expensive venture. Ask your local marine guy about that. But it's your call...