Tips on checking compression

Ok I'm slowly going through my 318 and checking things. Would it be good to do a compression check? Just want a better idea of the condition to see how long I can go before putting new parts or doing a complete rebuild.

I've never checked the compression on anything, but here are the steps I know of:

1) Unplug coil from distributor
2) put something in carb to keep the choke plate open
3) Remove one spark plug at a time and connect compression checker
4) crank engine for a few seconds for each one

I will be looking at my shop manual but just wanted to check if anyone had any good tips or guidance of what I should be looking for.

Thanks
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