Matt - I ran a 76 for a little while, and I know what you mean. BE CAREFUL! Any high performance engine can bite you, especially when they have high compression. (mine measured over 160PSI on my compression gage!)
I would avoid flipping ANY ABC/ABN motor unnecessarily other than to start it (EDIT : And even starting it, I back flip, I never pulled it through a compression stroke) because one, I think it can cause unintended wear because the sleeve isn't expanded like when it's running, and two, it might "fire" up on you. (ouch)
Like Brett observed on his 65, I also noticed on the 76 that they tend to not like to be varnished up...not even a little, and need a tank of straight synthetic run through them now and then. This seems to be more noticable in engines with more taper in the sleeve and that "pinch" at the top doesn't allow for any varnish build up without getting what you noticed as a side effect. I think this my be your problem more than anything else.
When I got mine used, someone had run it so hard I had to disassemble and clean it by hand. The head chamber and top of the piston were pitch black and the sleeve was gold with varnish. I'm sure yours isn't that bad, just try a tank or two of synthetic. It's not a big deal really, and should be part of your regular maintenance program with that engine. Also, I would suggest running a low castor content fuel like Sig Synth or Powermaster's special 18% oil fuel. That engine won't run Sig Champion or Powermaster GMA blend for very long without varnishing up, or at least mine wouldn't.
It's been more than a few years since I ran one, and someone else may have more current info to post, but I'm pretty confident this is what you are seeing.
Great job!
EricV