I'm the new guy here but I'll opine on this.....
I have owned 3 airplanes over the past 15 years. All have had Continentals hanging on the front.
The first was a Taylorcraft L-2M with an A-65 (or O-170 as the USAAF called it).
It had less than 300 hours SMOH when I bought it. What I failed to consider was that 300 hours was accumulated over 30+ years. Yes I was young and it was my first airplane.
The compressions on that engine were never less than 68. However, after I started flying it on a regular basis, that little unit tried to kill me no less than 3 times! The final straw came after a forced landing in a 900' field due to a cylinder separating from the case!
Several thousand dollars and a major overhaul later I had a new engine with compressions the same as before. But my maintenance costs shrunk dramatically.:wink2:
Number 2 was a C-172 with a Continental O-300D. 1200 SMOH on an overhaul done 6 years prior. Compressions always between 68-72. I flew that plane for over 600 relatively trouble free hours. I did have to replace one cylinder the last year I owned it due to the jug leaking around the exhaust valve. It would use a quart of oil about every 8 hours or so. Smoothest engine I have ever sat behind.
It is still flying on that same overhaul to my knowledge. Not bad for an engine that "can't make halfway to TBO before them jugs need to be replaced" according to some hangar buzzards.
Number 3 (and my current obsession) is a C-182 with the Continental O-470R.
I purchased this ship over 5 years ago at 870 SMOH with a plan to do a top overhaul. At the time I bought it the compressions were 58-64. This is a Western Skyways engine BTW. I was able to negotiate the purchase price to take into account a top overhaul so no surprises there.
After much discussion with my A/I he convinced me to fly it a while and see what happens as the plane had flown only 16 hours the previous 2 years.
I was leery of this approach due to my experience with the A-65.
He explained to me how it is not at all unusual for big bore Continental engines to have low compression numbers. He said if a large spread in values between cylinders develops or if they get down in the 40's it is time to get concerned.
Well, I guess he knows what he is talking about. I have put around 340 hours on it without a single hiccup (knock on wood) and I honestly believe if the doors will shut on the plane it will haul it! Last inspection compression values were 62-68. Very little oil consumption if kept at 10 quarts. It always pukes out the first two.
I can't speak for Lycomings but lower compressions on a large Continental would not alarm me provided the overhaul is fairly recent.
BTW, to the guy who "wouldn't strap himself behind cylinders less than 60 lbs." - the ONLY engine that ever let me down had a lowest compression value of 68. I would not stake my life on compression values alone!