my mate did similair, did compression check after checkking timing which was ok and found no compression, despite having the engine running five mins ago.

took head off and found 16 bent valves, all replaced & lapped in but now it smokes, head off and got it checked, had valve seats cut in properly and another new set of valve seals and it still smokes. now it's having a new bottom end as we suspect a broken ring where the valves made contact!