[THEFERMANATOR]

Wet plug and low compression could be a stuck lifter. I've had ALOT of problems out of federal mogul/sealed power lifters. Theres 2 manufacturers out there for lifters for the OEM hydraulic roller cams, FEDERAL MOGUL/SEALED POWER, and MELLINGS. MELLINGS was the OEM manufacturer for these lifters and is all I use in them. Also get a better gauge as the compression should be up around 125-175 depending on engine health. I would remove the valve covers, get ready for a mess, and adjust the valves the old fashioned way. Start it up, let it idle, and back them off until they hammer, then tighten them down till it stops, and go another 1/4 turn. For the cylinder thats wet and throwing the code, start by backing the rockers off a turn on that cylinder and see what that does. And I know the book calls for 1/2-1 turn of preset, but I have had nothing but problems with anything more than a 1/2 turn, so I stick with a 1/4 turn to be safe.

But start with the basics. If it has compression, even only 60 lbs, it should still fire. If the plug is wet, it is either a hung poppet(if your running the old style injectors still) which is flooding the cylinder and washing the rings down, or a valve isn't opening allowing the air fuel in or out. A collapsed lifter could be at fault, but I wouldn't expect to see the wet plug with a collapsed lifter unless it is still cracking open some(just not much).