It could have a bad camsahft lobe,that will not show up on a compression test usually also..
If you take off the air cleaner and rev it up quickly and let it get up to about 4500 rpm for a few seconds,and you hear a gargling noise or any muffled backfires coming from the carb while its accelerating (it may spit back thru the carb,so dont lean right over it)--then its a good bet you have a camshaft lobe going out..you can confirm it by taking off the valve covers and watching how far each rocker arm moves with it idling (oil will spatter everywhere so be prepared!)--if one or more rockers dont seem to be moving as far as the rest,the cam lobe for that valve is wiped out and rounded over,and the valve lifter will be ruined as well..
Hope its just something simple like bad plug wires or plugs,distributor cap,etc,and not that...unfortunately many older chevy's with flat tappet cams seem to be eating lobes more than ever lately,now that motor oils lack the zinc additive they used to have to prevent lobe wear--all the newer engines have roller lifters and dont have that problem..