<VV> zero compression

[Lonny Clark]

Looking for a little advice. I have a newly rebuilt 150 turbo engine in my
car. When I installed the engine it ran fine but seemed a little sluggish
and also ran hotter than what I expected. I had not driven the car (or any
other Corvair) in almost 20 years, so I thought that perhaps my expectations
were too high. The big problem came the third time I drove it (home from the
Portland convention). On the way up a long hill, the engine was reading very
hot and then to make things worse the belt came off. I pulled over at the
next good spot (about a quarter of a mile later) and put the belt back on.
It started immediately, but from that point on there is an odd sort of
"clunk" coming from the engine and a dead miss. I did a compression check,
and cylinder #2 has zero compression. I'm a bit upset, I've spent 2 years
getting this thing road-ready from a near basketcase sitting in a field.
 So, the question is, what is the likely culprit? Valve? Valve spring?
Burned valve? Stuck lifter? Broken piston? What's the best way to narrow it
down from here?

-- Lonny
The sooner you fall behind, the more time you'll have to catch up.