If you had access to a leakdown tester it would likely tell you more.
However, with a compression check I'd be looking for common numbers more than anything, do one bank and the other, best way is plugs out, battery charger on, and throttle wide open. I'd guess 165 psi or so, but the key is, all 8 within 10% or so.
As far as what happened if the air leak you hear is greater than just normal air blowing past the rings....who knows, valves can get pretty close if rebuilder type pistons and kiss, maybe deck is crooked. I'd say a leak down test and disassembly would be your friend