A Ford FE and a SBC. I've worked on many of them. These Chrysler overhead cam engines are a different breed but the basics are still the same.

John

 

if timing jumped yes it would take a valve out there is no play for wrong timing on a 2.7

 

Before you remove that timing belt make your own timing marks Mine were of on my 06 Sebring (3.8) and as it is an interference engine I could not experiment with fooling around with the timing. Chrysler says they know of no issues with the marks (BS!); well, one is off, the aft one. So make your own marks, one each on the sprocket and a corresponding one on the case immediately adjacent to the socket. If your belt is so loose it won't start you wouldn't get compression reading like you have, if the valves don't full close the leak right? Be glad your engine isn't an interference engine, if the timing belt breaks or is really loose (unlikely) the valves (because they are not closing) will contact the piston as the piston rises on the compressions and exhaust stroke. If this happens you may as well go get the butter because your engine is now toast. Try replacing the fuel filter, is it even getting gas? I had to pull the heads on my 3.8 because of the carbon build up on the head above the piston, when turning the engine over by hand to ensure the timing was right this carbon (it looked like oily sand) fell into the cylinder to rest on top of the piston, there was so much that when the pistons approached TDC the carbon would not allow the piston to pass TDC; nice huh? I pulled the head, of coarse they got scratched and had to be resurfaced, new head bolts, new $35.00 a piece head gaskets, misplaced a fuel injector ($50.00); yeah I was pretty pissed off.