Bubbles could be trapped air, but they would go away once the trapped air is gone. There is nothing on the intake side that would account for the bubbles, unless you are losing compression on the intake side, and the gasket is leaking in to a coolant passage.
Some major flags have gone up in my head, with my experience in dealing with these cars:
1. New head gasket. Head gasket failures are unheard of in these cars. The number one cause for head gasket failure is overheating, bad. If it overheated bad enough to take out a head gasket, chances are it over heated bad enough to crack the heads too.
2. The car has recently been hydrolocked. THat seldom makes things happy.
3. If your compression figures are accurate, they are low. A healthy L27 puts compression at 135-160psi across all cylinders pretty consistantly. I have heard the misfire threshold is around 100-120.
How long have you had this car? What is the back story on it?
My gut tells me it may be better to drop in another engine