140-150 is fine especially if the cylinders are wet with fuel (is fuel good??) it would be nice to do all cylinders the same way to be sure but I guess we can assume they are fairly even from the 10 second compression test. Plugged exhaust (is that possible?) will cause the puffing sound and the no-start but then there should be some other things going on as the pressure builds. I would still say there is a problem with the valve timing though, maybe get the timing instructions from a different source and re-check that. Spark looks good but for sure better to verify that with the gap tester.

That being said, I doubt the lapped valves are not going to last so they will need to be redone at some point anyway.

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1988 325is (purchased new) sold
2004 X5 3.0 2005 X3 2.5
2008 X5 3.0 (new to me)