327ci
I just did a compression check on all cylinders. I do not know what cam , etc is in this motor. I am getting a steady 150 psi in all cylinders except #1 . Does this give any clue to cam or ratio?

Also , in # 1 cylinder the tip of the tester was covered in oil when removed and it produced 158 psi ,what would be causing this ?

Ive been told that a little oil in there can give a slightly false high reading. This might be proof....

150psi is normal for a stock, non performance engine. Does the engine smoke when running? If you got oil on the tester just from doing a cranking compression test, then most likely the valve guides are very worn.

As travis suggested, valve guide seepage. A good indication is to look at the exhaust manifold-to-head junction and check for oil seepage at the exhaust port on the outside of the head.

Oil here means guide leaking.

Good compression values.

I have never changed valve guides before, how difficult is it? What all does in entail?

changing the guides themselves requires taking the heads to a shop, but...

Most likely the valve seals are just shot. They make a tool for compressing the valve springs with the heads installed. It bolts onto the rocker arm stud, you pull the lever, compress hte spring, and fish the keepers out. Change the seal, reverse to reinstall. Stock seals were tiny lil o'rings. "Umbrella style" seals are better. To keep the valves from falling into the sylinder, stuff 3 feet of clothesline in the spark plug hole, and turn the engine till it won't tunr no more, then and only then take the valve springs off. repeat for each cylinder til done.