That motor seems OK to fire up with those compression #'s.
Change oil before and filter if one, check for spark, fix as needed plugs out, add fuel from container line to fuel pump intake line , check flow to carb Crank again-plugs out to check oil pressure with cranking only -also fuel flow to carb. disconnected from carb from line. to a catch container. reconnect if good.
15+ psi oil psi. and put it all together- prime carb with gas from can/squirt bottle/ start fluid (small amount only) - -good luck! Hope she starts up after new plugs installed.
Enjoy!
Do not worry about smoke for a while after starting. Watch temperatures.
DJ