Thats a leak down test. It's not as easy, and takes some special tools. you have to take the carbs off, and the exhaust. Then, you bolt on block off plates, and pressurize the engine to 10 PSI. If you see a drop in pressure (a few psi in a few minutes) then you have a case or seal leak.
I would say... it's just time for a top-end. Do it before it turns into a full re-build.