Somehow, as others have said, your timing chain and cam would have to be sufficiently off, somehow with the valves in all cylinders being open during each compression stroke. That would mean that despite each cam lobe being fixed, of course, the cam is now so far away from proper timing that not a single valve remains closed on the compression stroke.
I guess that is possible.
If your timing chain jumped so many links that the valves are never shut when they need to be, I suppose that might explain both the compression problem and the odd situation at the carbs. Maybe the intake valve is open at the top of the compression stroke.
If you are certain then that you've got a good "zero" read on all 4 cylinders, I'd pull that timing cover and see what's there.
Out comes the coolant, radiator, fan belt, damper pulley, engine support bar and a bunch of nuts and bolts and maybe the generator/alternator. You'll need a spare timing cover gasket and some good sealant.
If someone another idea, maybe some time and effort could be spared, but it's sounding like there is no other alternative. A misaligned timing gear could result in the chain jumping, and so could a weak tensioner, and I'd sure be careful how you put things back together if you find a problem under that cover. Sometimes there's a reason for a failure other than just age and wear, and it may not immediately be obvious.
I've seen weak tensioners, and even ones that slid off their pins due to a broken or missing washer. But in those cases there was no doubt what happened. The noise and rattling was quite loud, and in one case the tensioner had worn a hole in the cover.
Good luck and tell us what you find.
PS Even the woodruff key at the crankshaft sprocket should be examined. Hopefully, it's tight and in proper alignment.