[2.7RACER]

GBStu & John,
You have already identified air passing through the rings. This is the purpose of the leak-down test.
There has been a great deal of discussion on this board about running this test.
Bottom line the L-D test and the Compression test are in agreement.
The classic use of a compression test is to spray some oil into the cylinder being tested. If the compression raises after the oil is sprayed in, the ring/cylinder fit become the primary suspect.
Stu, did you measure the cylinder bore? Did you check the ring end gap? And lastly did you run any kind of hone through the cylinders?
I suspect at least one of the above is responsible for the L-D and Comp. readings.
If you are somewhat satisfied with the engine performance, run the car as is.
You have a baseline now for any future checks.
I suspect new cylinders and rings are somewhere in your future.
If you had nikasils, I'd be more optimistic.
Important question!!
Did you get pistons for alusil cylinders? As you may already know they are different than nikasil pistons.
Good luck Man,