the actual compresion numbers will vary depending on the guage used. I look for consistancy between the cylinders more so than the actual number itself. 10% difference from the high cylinder to the low cylinder is the normal max allowed. you will probably find numbers around the 135 psi range. The oil leak is probably just a gasket issue. Teh altenator belt issue could be more of a problem. mercruiser didn't use a belt driven altenator on those engines, they were built int eh ba;lancer on teh front of the engine, they gave a lot of problems, so the aftermarket came up with various solutions to fix it by mounting a belt driven altenator on teh engine. You need to look real close to the belt/pulley aligment, aslo look for run out on the crank pulley, check to make sure you have a correct belt for your application, gennerally autmotive belts won't stay on a marine application
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