Thanks for the help everyone, much appreciated. Sorry, long post ahead.
First things first, some answers:
It's safe to say that I would not even start the vehicle unless I was running diagnostics.
You are right, my car has been parked for repairs. Sadly.
How do the spark plugs look?
The plugs all looked fine, cylinder 3 looked a little whiter and oilier than the rest, but nothing telling on cylinder 4 where the low compression is.
Someone correct me here, but your head gasket could be leaking into the other cylinder?
Yesterday while cylinder 4 it was leaking at 90%, I could feel some air coming out of the spark plug hole of cylinder 2, so I thought the same thing, leaking head gasket. But the compression in cylinder 2 was 100 psi, and it's leak rate was near perfect, so that didn't make sense. I later figured out (at least I think this is right), that when cylinder 4 is at TDC, cylinder 2 is in the exhaust stroke, so if my cylinder 4 exhaust valve was leaking, it would leak into the exhaust manifold and into cylinder 2 from the open exhaust valves...
It may be a timing issue (cam gear could have jumped some teeth on the timing belt) so you think the cam is on the EXH Close but its not.
First I removed the timing cover and checked the timing, looks good. Bottom of the picture, but it was correct.
If you don't want to pull the engine just yet, take off the exhaust manifold and double check that way.
Thanks, this was a great idea. When I first removed the exhaust manifold I saw that cylinder 4 was black and cylinder 2 was white.
With a fancy little camera I was able to look up the exhaust ports, and both valves in cylinder 2 were white-ish, with a tinge of orange, but mostly white (not photographed).
When I looked up cylinder 4's exhaust port, one exhaust valve was white and one was black.
Upon closer inspection of the blackened valve, I saw the top of the valve is very reddish-brown. I then took a similar photo of the other exhaust valve in cylinder 4 just for comparison as it is white throughout.
I didn't redo the leak test with the exhaust off, does anyone think I still need too? With the black soot coming out of cylinder 4, I'm pretty sure this valve is my problem.
But the thing is, I don't see any physical damage to the top of the valve, and I viewed the top of the piston through the spark plug hole, and there are no marks on it, everything looks smooth and tidy.
Does poor compression / leaking exhaust valve in one cylinder create a low vacuum scenario in the engine? I just want to be sure this is the original cause of the low vacuum. I wonder if this problem is old, I can't remember my car ever having strong vacuum since I installed the boost gauge.
Next step? Have the heads rebuilt? I could remove and install them myself... Would that be cheaper than buying a new (used) EJ207?
But it could very easily be a cracked/burnt/bitchy exhaust valve.
SIGH.