Possible Leaking Headgasket ?

[Circuit Rider]

Ok, so here's what I got. 1987 R30 crew cab with 454 TBI. Just got this truck a few weeks ago and it had been sitting for about a year according to PO. Drove the truck about an hour home but didn't seem like it had that much power so I did the usual and gave it a tune-up but with no improvement. I noticed that there seemed to be a lot of vapor coming out of the exhaust at idle with right much water dripping as well. This would dissipate at highway speeds but return at extended idle no matter what the temperature was outside. Bought a compression tester and checked the cylinders and #1 and #2 cylinders were low. #2 almost no compression. Checked coolant level and it was low. #2 spark plug looked like it had not even been fired (still white with some kind of glaze look on the end of it). My question is; does this sound like a head gasket leak? There's no water in the oil and the truck doesn't run hot. Thank you, any and all input would be greatly appreciated.