You do the test on a cold engine... throttle open... and no extra oil in the cyl's.
A 951 engine should only be 135 PSI on a fresh rebuild. So... 125, is still OK.
White ash on the plugs isn't good. I'd pull the carbs and check them out. Also, you want to verify that there are no air leaks in the fuel system, and make sure your reed valves aren't broken.
Do you still have gray Tempo fuel lines?