Changed out the plugs and wires today, while I was at it I decided to do a compression test, cause the trucks been running like crap lately.

All Cyls were between 60-70PSI... at first I was like, "Sweet" all Cyls are within 10% of each-other....Then I read in the FSM that 100PSI is the minimum


Should I pack my bags and head for Rebuildsville? or is there something I can do so salvage this?

 

Get a reman, don't rebuild it.

 

How many times did you let it crank on each cylinder? I usually do 3 start pulses.
And you removed all plugs for the test right?
Do more testing before you write it off.
Re-do compression test putting fair amount of oil in each cylinder. See what your numbers do. Should improve if it's the rings.
Then do a leak down test see how bad it is and where it's leaking to.

 

At 60 psi, I'd be surprised if the engine would even run.

When you see something consistently way low or high, it could very well be a problem with the equipment or the measurement procedure. I would make sure you are using the compression checker right, then try the compression checker on a known good engine.

If correct, 60 psi across the board wouldnt happen overnight from worn rings or cylinders, I'd say your timing chain has jumped a tooth or two or something.

 

I went plug by plug.

Pull 1 plug, test, Put in new plug, remove old wire, replace new wire.

Did that 8 times.

Should I have pulled all 8 plugs before doing the test? Does that make a difference?

I cranked a good 5 seconds on each test.

 

It does make a difference if you don't pull all the plugs. Having the plugs installed severely slows the rotation reducing compression reading. Also, removing all plugs is only way to get true individual cylinder readings.
Suggest doing another dry compression test.
5 seconds is okay for a general reading but if you want more accuracy need to shorten the crank and count needle pulses, redoing if you catch a half pulse. I watch the needle on the gauge pulse 3 times.
Also put a battery charger on the battery between tests to keep the battery charged, running down the battery thru the test can skew the results of the last few cylinders, this is more important when doing a wet compression test following a dry test. If your battery is in good shape you might be able to skip this step.

Edit: Don't forget to unplug the coil, remove the fuel pump relay, and relieve fuel pressure. No need for all that flammable fuel vapor spraying out of the cylinders.

Relieve fuel pressure by starting engine then pull fuel pump relay, wait till engine dies.

 

Or a guy could bleed off the pressure at the test port on the rail, then remove the relay. different method same result, DIY'er preference.