will a valve prob. show on a compression test?

kz750 4cyl

got a dead cylinder (#2) I have fat blue spark, plenty of fuel (very rich actually) 120 psi compression on all 4. When the bike is running I get no change when I pull the #2 plug wire off. But with fuel, spark, and compression that really only leaves timing (valves) right? But if it were a valve problem that was bad enough to cause a dead cylinder wouldnt it show up on a compression test?

Scratching my head........

Is it possible that its too rich? Seems rather impossible for one valve too be out of time. Is the header for #2 hot(spritz with water)? I would think if the lash setting was out that badly you would see it on the comp test.

How new are the ignition coils? Original? Checked the 5000 ohm resistor in the sparkplug caps? They go bad now and then. Tried swaping the sparkplug wires around so the suspicious cylinder has a good known spark?

Tried a new set of sparkplugs? They can fail with no warning.

it is very possible that it is too rich. I am sailing in uncharted waters with my carb setup. (check out Project BOB in projects) However I dont see this being a carb issue. I have swapped plugs and wires. #3 fires just fine. I will try swapping coils and see if that changes anything.