Either flywheel key partially sheared effecting timing OR intake valve to tight OR valve guide has migrated and valve does not close all the way. Since you said it seems to have good compression when you pull it over, either valve guide interference with piston or you actually have compression in which case if it still has real compression on a slow pull and not a sudden interference with the piston, then must be timing firing before the intake valve closes. In all cases, it is firing with the intake valve open - guide migration, timing ( key), valve lash tight, or as one suggested but less likely, the valve seat is loose in the head and bypasses when firing. One last possibility - burnt valve or seat but again, compression loss. There is also the possibility of a mechanical decompression cam is used instead of a extra lobe cam and it is bent and always stuck up holding the intake valve open a bit, but again compression issues.