I haven't removed the valves yet, but the cylinders are smooth as glass and there's no condemning wear or deterioration on piston heads or combustion chambers.
The compression ring and second ring in the right cylinder were seized.
That appears to be the cause of my compression woes.
Interestingly, the valves on the right cylinder look beautiful. The valves on the left side look rusty and corroded.
Lesson learned. If your going to build a bike for six months, don't take anyone's word on the condition of your engine internals.