I did get one thought pop in my head earlier today: if the valve guides (esp. exhaust) were real worn, it could leak or run weird like this when it's actually running, but seal OK when turning the engine over by hand? I.e. leakdown test. Or seal ok when turning over with the starter, i.e. compression test. I'll repeat both tests later. Maybe a "slow" sticky valve could behave the same too.

I see a head pull in my future.