Hi guys,
I do not recommend checking pop-off with the carbs on.
To get a good reliable test... you need to have the needle wet with oil. Also, it's too hard to make sure everything is plugged off, and if there is any tension from the diaphram... it's going to mess up your numbers.
If you are going to bother to check it... take them off, sit down at your work bench, and do it right.
FYI... your pop-off should be 40-56 psi
As far as the 125 psi cyl pressure... that's too low for a 720 engine. Spec is 150 psi, and I call the bottom of the usable range 135 psi. Anything past that, and even if you do get it running... the blow by will be high enough to melt the piston skirts, and cause a melt down. Right now, you could freshen up the top end cheap. If you keep running it as it is... it will be a full rebuild.