It seems TR's have a problem of head studs getting bonded and become nearly un-removable. The project TR6 engine is siting on a engine stand now, rod bolts, main studs have been replaced and the head studs are on the to do list. This one has been rebuilt once before and has less than 10K miles since then.
The valve seats are know for receding into the cast iron which alway brings up the leaded gasoline question. Based on my observations, these cylinder heads simply needs proper valve seats installed and proper modern valves and these problems should go away. It's usually the cylinder heads that are the problem area when compression is low on these engines.
I'm curious to find out how the thrust washer has held up in your TR engine as these are a designed in problem in this engine (hope they are not at the bottom of the oil pan). Check the cam bearing bores as the cam runs directly in the block's cast iron and the cam tappets and cam lobes are too small for the loads involved which results in flat cam lobes and wore out tappets.
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