how to do a proper compression test?

[B5charger]

What's the proper way of doing a compression test.  I have a '71 318 everything original.  From what I understand you pull all the plugs, unhook the coil wire from the distributor,hook up the gauge to one plug hole, throttle to the floor, and turn her over for a count of 4 (4 strokes).  The final reading is the pressure for that cylinder.
Also, what pressures am I looking for.  I know that it's important that each cylinder is about the same.

[FLG]

Im not sure the PSI for that motor but id assume around the 120 mark with no less then a 10psi difference between cylinders. Also unhook the fuel line to your pump or you will be dumping fuel in the motor as well.

[charger_fan_4ever]

I usually go 5 hits on the guage.

I also drain the fuel bowls and cut the fuel supply.

If your looking to see how tired it is or ring seal, the poor mans way (without a leakdown guage) do the compression test then add a teaspoon of oil in each cyl before cranking and note all the readings again. The cyls that gain the most psi are the weak ones.

[B5charger]

Should I disconnect the fuel line at the carb? or somewhere else? 
I am trying to see how soon I should have the engine freshened up...it's got 180k miles on it.

[FLG]

No disconnect BEFORE the pump...otherwise you will be spraying fuel every time you crank it....not very wise with the disconnected coil wire. Also disconnect it from the coil not the distributor or it will be arching all over the place.

[B5charger]

Stupid question here, but with a mechanical fuel pump, do I take it off, and cover the hole?

[The70RT]

No, remove and plug the incoming line. The one from your tank to the pump.

[mauve66]

after you do the cold test you can warm the engine up and due a warm test, if the compression goes up significantly on a cylinder then its the rings and not the valves that need work

[Challenger340]

Dis-able the ignition system
Remove all spark plugs
Wire the Throttle wide open
Do each Cylinder 4 "bumps"

Look for the first "bump", to be 75% of the fourth & Final Bump, as an indicator of patent sealing capabilities.

[tecmopar]

If you have all 8 plugs out there is no need to touch the fuel lines, without plugs the motor can'r draw any fuel into it. The rest of it you have right.

[B5charger]

Thanks guys,
I'll try a "cold" test then a fully "hot" test and see if there's a change.

[six-tee-nine]

Wear gloves when doing the warm test.....just a tip, I dare to be to lazy to put a pair on when working on hot engines and of course i get burned 

[B5charger]

Here's the results of the comression test:
1 = 142psi     5 = 145psi
2 = 142psi     6 = 155psi
3 = 135psi     7 = 140psi
4 = 138psi     8 = 137psi

I think these numbers seem pretty darn good.  What do you guys think?
I did notice the plugs had a white almost ash coating on them.  Does that have to do with an overheating problem?  Too lean?