Technical '38 Ford COE - Compression dilemna

Hi folks, I recently got a '38 Cabover with a stock 21 stud flathead. The truck was comprehensively restored to a very high standard in the 80s but hasn't been run in probably over 20 years. It was put away indoors by the previous owner with the oil and water drained. I filled both and the engine turns freely, but couldn't get it started. I had gone through the fuel system, and had made sure that I was getting spark, but it still wouldn't even kick.
So I did a compression check and that's when I got bad news. Zero compression on cylinders 2,3,6,8, and low compression on the others (between 40 and 50). I've been squirting Kroil through the plug holes onto the valves, which all seem to open and close great.
I'm wondering what the cause might be and what I should do next?

 

I'd pull the intake manifold and check for stuck valves. It sounds likely you've got a bad case of them, so bad that soaking may not be enough. Pulling the intake isn't that hard (well, maybe it is on a cabover; I've never had one) and will make freeing them up easier.

 

Checking valves would be the first place to start.....but also.....after that period of storage, rings and cylinder walls may be totally dry which will allow lots of compression leakage. Good luck

 

What's stumping me is that all of the valves are moving great, and seem to be seating fine.

 

Run a leak down test , easier than pulling the engine down and will give you the info you need.

 

That truck is gorgeous.
I have a mechanically-restored, cosmetically unrestored '40 COE.

 

Sorry, I have no help to offer, but please post up some more pictures. That is awesome!

 

I like the truck. Nice. Too bad it doesn't run right now. It shouldn't be too hard to get it running.