Compression testing only tells you if there is compression in the cylinder. Unless you have a vacuum in the cylinder, which isn't possible, you will still get a compression reading. No matter if there is a bad lobe, or a wiped lobe, the cylinder will still have air in it. And when the piston comes up you will get a pressure reading as it compresses what air is in it. Now I suppose a completely wiped cam lobe the compression test may take a few cranks, but I can guarantee that none of the lobes are wiped that much. I'd be having a horrible ticking noise. But you'd assume you'd get a constant ticking from any cam wear great enough to cause this flutter. A leak down test is the only proper way of knowing if you have a leaky valve, or piston rings. A compression test may tell you if you have bad rings, or a bent valve that's not seating at all. I may look into purchasing/making a leak down tester. Only way to test for a bad cam is to measure the height of the lobe. Now that you mention it, this car did stutter and backfire at wot, but I chalked that up to the bad fuel pump, and distributor. Maybe I'll measure the lobe height tomorrow.