I have a 1960 283 fresh motor in a 1932 Ford Pickup. Motor is stock with an edelbrock 600 cfm manual choke carb.Duel point mechanical advance distributer. Ran like a champ for about 150 miles now have a dead cyclinder  #5. All cyclinders carry 150 lbs of compression. Have set lifters with it running 3 times,all rockers move ,I have checked and double checked everything for the usual dead cyclinder,or miss.I mean everything,wires ,plugs,timming ,dwell.vacuum leaks. Tried new plugs ,wires,triple checked fireing order,etc,etc. Ive been playing with cars for 30 years and Im stumped,any ideas or anything else to check,short of tearing it down. Thanks..  

Well with good compression it sounds like you have an ignition problem. i have seen dist caps with small cracks or the ear chipped on the insided. i would recommend changing dist. if you can. if not i would check them very closely.  

Check the valve springs in that cylinder. If one is broken sometimes it will allow the valve to open and close during a compression check and look normal but will stay open while running. I figured this one out the hard way. Same problem, dead cylinder.