Did you ever get spark? If you do have spark, even at 65PSI (which IS pretty low) it should still at least fire and (barely) run, but it will not have much power.
As far as low compression goes, air is either getting by the rings, the valves, or both. A diagnostic tool that I added to my inventory a few years ago is a "Cylinder Leak Down Tester", which will tell you where the air is going/escaping. I bought this one from HF and have been happy with it:
https://www.harborfreight.com/cylinder-leak-down-tester-64918.html
Another thing to think about...
Assuming that you did lap the valves properly, are the valve guides excessively worn/oversize? If they are badly worn, the valve can have too much side-to-side slop and not come down and seat squarely (and seal properly) once the engine starts rapidlyspinning and they are going up and down. They might seat just fine during a static (non-running) test, but that might not happen once they are put into motion.
Michael