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My boat has points system on it! I purchased the vehicle in it's current condition.Your obviously not old enough to have worked on the older points/ condenser ignition systems, before 1974 or so, when electronic ignition became the norm. I had a friend that had a first year pontiac Gto, 1964. The car ran horrible even with the big 389 engine. You should have seen the spark plugs. All 8 were literally disintegrated. How it even ran was amazing. Yours along with literally no compression, leads me to believe you wiped out a valve on that cylinder taking out the spark plug with it. How did the other 7 plugs look? You've got a decision on your hands, whether to rebuild or replace vehicle. Pull the valve cover on that cylinder and see if maybe those lifters are stuck. Keep us posted.
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