So, I guess with that response 5k isn't that bad even if the engine needs going through. Right now it starts with one or two kicks and the right cylinder has the lowest compression but runs okay. If you've read the above posts I'm sure you'll agree on the rebuild as I do. Having said that, I'm going to sort it out and just ride it after the rebuild.
By the way, the Alfas aren't mine. Thanks for the comments!