A lot of scattered information here.
Loss of compression needs to be checked first before cranking engine with pony or more serious damage can occur. Pull valve cover and check for valve action.Later models had speed limiting oil pressure make device on the rack, early models did not. Fuel will not be pumped if rack is blocked. Fuel system shows conventional system with no gizmo's. Could be typical fuel delivery problems with filters or relief valve but does not explain compression loss. Oil pressure loss could be anything from sheared pin to loss of drive from the crankshaft. Camshaft could break and still have drive to the injection pump. Crankshaft could break and you would loose drive to oil pump, injection pump and camshaft which would also explain loss of compression. Cranking the engine with camshaft not working will result in valve/piston damage depending on where it broke. Also not a good idea to be cranking with no oil pressure. Sounds like a good one. Stay calm and sort things out but do it in a way that will not cause further damage.
| 
