Lots of variables. For a '70 there was also a 1.5 point difference in compression ratios between a 2barrel and a 4barrel carb setup. Valve timing is a huge factor as well and that plays into timing chain wear as well. As the chain stretches the cam gets retarded reducing the cranking compression and low end power, but high rpm power tends to wake up.
The main thing you are checking is that the numbers are even. After you have checked the first 8, go back and check the first one again, just to see how much variation you have due to battery state of charge and oil tossed up into the rings as you tested the later holes. As for numbers, 120 I feel would be borderline low for that engine, but the top of the range I would expect closer to 165 and maybe even 180 PSI.
An engine that has been sitting for years can be completely fine and have horrible compression numbers. Sometimes they just need to be run a bit to free up all the rings.