I have the same car but it is a 4 cylinder. You can tell if your engine is original by looking at the drain plugs on the side of the block near the front, they should point straight down for a 1932 engine. I think it would start even with that low compression. Have you checked for a spark by holding the wire next to a plug? You might want to check out the Early Ford V8 Club in your area,
https://www.earlyfordv8.org/Regional_Club_Directory.cfm. By all means buy a copy of the restoration guidelines from the club,
https://shop.efv8.org/collections/fo...tbound-all-new
Charlie Stephens