No, if you don't open the throttle, 2 things will happen. 1, you'll not get adequate intake air to compress to yield a reasonable result and 2, you'll have decent manifold vacuum during cranking which will draw fuel through the carb and effectively flood the engine, which will wash the oil film from the cylinder walls compromising ring seal and making the compression test useless. If you squirt oil in all cylinders, you're artificially improving ring seal...and that oil might even artificially seal up valve/head gasket leaks. If you fire the engine and get it running clean, then shut it down and retest, you'll have an accurate result. You can can the follow that up with a leak down and check any low cylinders for leakage through the breather, intake, or exhaust and determine exactly where your problem lies.
I suspect you'll find nothing wrong and will end up with a simple cooling system issue