Any time the top end is assembled, the engine should be heat cycled. Which in your case we know you haven't, and no clue if previos owner did. Same as to the re-torque of the head and cylinder nuts. If it isn't done, it's very possible to have a leaking head gasket, which will give you zero compression. A leak down test will help diagnose that.
X-2 on oil pump delete, one thing at a time. You could/should pull hose from carb, or remove air cleaner boot and look in carb, and kick it over several time to ensureit is in fact pumping oil. Tho the pump rarely fails.
A Clymers Repair manual will be the best thing you can buy for it.
At least find the pdf download manual.