Air coming out of the valve cover breather would be air coming up from the oil pan, which would be coming past the piston, and therefore would be bad rings.
Turn the crank over a couple times and try again.
And make sure the rotor in the dist, is pointing to #1 tower. I also like to put my finger in #1 hole while cranking it up to #1 tdc to be sure it's the compression stroke. You can tell by the 'lots more' pressure building up, the exhaust stoke won't build up that much pressure. When close I'll watch the timing marks and piston top to be sure it's at tdc. That's where the straw comes in, sometimes you can, sometimes you can't see the piston top thru the sparkplug hole. Or use a bore scope. Just don't insert it very far so it doesn't get stuck between the piston and head. Barely stick it in the plug hole.
I’m doing this on a cold engine and using low pressure (gauge says 7-100 psi) I’m using about 15-20 psi is this ok? Also if the rotor is pointing close to cylinder one on distributor does that mean it’s at TDC on compression stroke?
