120 psi readings from a 138 grey is what you would expect from a good condition engine bearing in mind they are relatively low compression engines anyway.
In an ideal world, all cylinders would have the same compression pressures but it never ends up that way due to production differences in head chamber castings and different wear rates from cylinder to cylinder as the engine ages.
Usually a 10 to 20% pressure variation between the highest and lowest cylinder readings is workshop accepted.
More modern higher compression engines would be lucky to start with a reading around 80 psi but I've known some well used greys to run reasonably well even with a reading as low as that.
Sunnytims readings are good with little variation between cylinders.
Finny...well...sorry to have to say this but your readings don't appear to be real good for an indicator as to the engines usability

however some engines do lose their ring/piston/bore sealing ability to some extent over time especially if sitting idle for a number of years and they can actually bring up better pressure readings after a good solid engine load bearing run.
Don't throw your engine away just yet.
I can't think what to write here so this will do.