I built a leakdown tester with a regulator from lowes, some fittings, and a hose from a compression tester. It works beautifully, basically you make an orifice between the regulator and the cylinder, set the pressure before the cylinder and measure the pressure in the cylinder. It will be less because of the restriction of the orifice. Say you set the regulator to 100psi and you measure 90psi in the cylinder, that's 10% leakdown.
After using one, I wouldn't be without it, I had similar compression numbers, but between 30 and 70% leakdown on my old engine, the new one is 8%.
This is pretty close to what I have, it's WAAAYYY better than the HF one I tried. http://forums.evolutionm.net/evo-how-tos-installations/481133-how-make-your-own-faa-spec-leakdown-tester.html