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it looks like the "compression gauge" is actually a vacuum gauge. it is likely connected to an intake manifold vacuum port. it was all the rage in the mid-to-late '70's to help "save gas". the basic idea was to keep better control of the loud pedal by keeping the needle "in the green", aka "feather-footing".
looks like a nice car-enjoy!
bill
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'67 CUTLASS 4-DR. W/425 & S.P. THM400 (NAMED "ERNIE")
'83 H/O #1339(STILL IN PIECES)
'85 PONTIAC FIERO SE V-6 4-SPD. BOUGHT NEW
'92 CHEBBY DIS-ASTRO (GAS PIG)
'97 GYRO METRO $HYTBOX  (41.42 MPG) 
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