Racer, the engine seems to start and idle OK. for quite a few years I have been borrowing a Compression Tester from AutoZone (at least 2 different stores in 2 different States) when I need to perform Compression Test. I doubt that Autozone gets these Testers calibrated on any regular basis. How are Compression Testers calibrated (for home/amateur use vs. Industrial--after I retired I lost any possible back door connection to a Calibration Lab traceable to NBS Standards etc). Confidence in my abilities to do a complete teardown in this 9.9hp Powerhead is not so high, therefore my hesitation to dive in. However I have been pretty deep inside 4hp and 6/8hp OMC's. But I suppose if I read LeeRoy's info I can stagger through it on this 9.9 which has quite a bit of saltwater corrosion from previous Owners. Powerhead needs repainted too while I am at it. I do need to repeat an on-the-water test. Reviewing notes I kept on this motor, after the bog-down and loss of power during on-the-water test I did in June 2020 (not 2021!) I did some work on the Water Pump (replaced in April 2020) to eliminate a "squeaky" pump. I then ran this motorSeptember 2020 in a tank and it ran very strong (as I recall I ran it In Gear to get past the Neutral OverRev Interlock. It never overheated/smoked overheated for me. Engine Block and Cylinder Head are factory Black, not sure if I would be able to see (using Head color as an indicator) if Previous Owners oveheated it. I once owned a 6R69M which overheated and the factory gray color on head turned a slight Iron Oxide Primer shade of reddish brown. On this 9.9 I see no discoloration but maybe the factory Black hides it. Likewise I don't know if engine was run on 100:1--I am familiar with this debacle by OMC--I have a BE8BACDE that I bought for $5 as a parts motor--Powerhead is seized and it has the famed 100:1 factory sticker on it. But for $5 I got a complete/good Lower Unit from it.
Oldboat, thanks for the comparison on your '82 and '84. My borrowed gauge would have to be quite far out of Calibration to explain 80's vs. 120's readings.
Crosbyman, re: other troubleshooting--I never decarbed this motor. and I did only a partial carburetor rebuild some time prior to April 2020--I found slight rust and water in the bowl, removed/inspected the Idle Needle but not the High Speed Jet, didn't remove Welch Plugs. I probably need to do complete Carb Rebuild regardless of whether I teardown the Head, etc.
Another piece of evidence I almost forgot--when I bought this motor (around 2015?) the inside of the Cowl was quite oily. At the time I didn't think about possible Head Gasket leakage, but this could be a simpler fix vs. teardown to Rods/Pistons/Inspecting Cylinder Walls, etc. Heck, I might need to just loosen/retighten properly the Head Bolts (many of which have considerable surface rust, some are very difficult to access unless Powerhead is lifted from Lower Cover/Midsection.
Thanks to All for the input.