UPDATE
Using lots of the advice from the replies in this post and help from a few friends, and after going home, having a beer and approaching it like I just started (thanks 2bad) I finally got it running. I double checked the compression readings, and they are that low, so it was not recently rebuilt, but at least it's running. I took all the connectors under the hood apart and cleaned them, rewired almost everything under the hood, installed another new voltage regulator and coil, checked the fuel pressure and the return line and checked all of the voltages everywhere I could. I was already pretty sure the Howell system was working right, and it was.
It seems to run okay, although it has open headers right now, so I can't run it too much. It will go to the muffler shop tomorrow to get the headers connected to the existing exhaust system, and then I can drive it and really see how it does.
I have doubts now about the C4, but I'm just going to run it for now and see what happens.
This is the first trouble I've really had with it, and I got so frustrated I was ready to give up, but the help and advice I got from this board was awesome. I even got a PM from a member here in CO offering me a running 302 for FREE! Yes, you read that right, we've never even met, but he offered it to me for nothing.
My plan for now is to wheel it and see what happens, and then probably buy the 351W that a friend has offered me for a great price and swap that in. Even though I didn't get what I was told I was buying, I'm not going to pursue any legal action or anything against the guy who sold it to me, that's just not in my nature, and as md_lucky_13 noted, I still got a lot for what I paid.
THANKS ALL!!!