4AGE start problem after build

Hi
I finally have my 4AGE back in my '89 AW11.  But it doesn't want to start.
 
I checked ignition timing and it is about correct on cranking.  10 BTDC.  And there is a good spark.
 
There's a bit of a smell of fuel but that is always hard to judge.  Plugs are a little wet.
 
The head is reconditioned but pistons are original high mileage.  Compression is 120 on 1 and 130 on 2.  Pretty low.  But the engine has stood for a while.  The head was skimmed 0.8 mm and I put adjustable cams in and advanced them a bit to make up for it.  To my surprise the engine is now interference but I was careful not to crash the valves.
 
So - do people think that the low compression might be that I got the cam timing wrong?  And that might be why it won't start?  But a big drop in compression would mean that the cams were more than one tooth on the cam pulleys wrong, wouldn't it?
 
Thanks!

I'll do that.
 
It's very easy to create new problems as one progresses!

Put the whole thing at TDC, TDC mark (1st scribe on crank pulley from left) on crank pulley inline with timing pointer.  Check cam timing again, IMO put stock cam wheels on to set.  If using stock cams make sure the dimple in the inlet cam is visible and lined up with the flat edge inside the oil filler hole.  Knock pin on inlet cam should be at 12 oclock and exhaust cam 5 oclock.  The 2 scribe marks on the cam wheels lined up with pressed metal line on backing plate.    Pull distributor out and make sure lined up correctly and re-stab, do with dist cap off so you can be sure the rotor is still pointing at #1.   
 
Dist being out is the most common issue when people rebuild these engines, i hold the rotor with my palm while inserting it and hold it slightly anticlockwise and twist clockwise as it meshes.  The cogs are not straight cut and the rotor will turn. 
 
The whole timing setup on these isn't hard.  But needs to be right.    You cannot check timing while cranking, so don't really know what you're doing there...