Sounds like a valve lash problem. 120 psi is too high for that engine, and 0 is obviously too low. It sounds for all the world as if the valve lash was set on both cylinders at the same time, with neither piston at TDC. That would cause one cylinder's valves to be open most of the time and the other's to be closed.
Sounds crazy, but I've seen it.
Sounds crazy, but I've seen it.