Hi,
After doing the compression test, if it has good enough compression, the Cub probably needs a good tune up, they need tune ups, like cars in the past with distributors.
There are ignition points and a condenser in the magneto, or Battery Ignition unit, either system was available.
Below is the 1955 Cub owner's manual. The experts on here recommend that people read it. It has lots of info about operation, maintenance, and lubrication. There is a table of contents on page 1.
The magneto info begins on page 38. The Battery Ignition unit info begins on page 41. It shows how to get to the points on both systems, and set the point gap correctly. You can identify which system it has using the pics. They don't run good with old, burned points.
http://farmallcub.com/rudi_cub/www.clea ... index.html
The spark plugs need removing, cleaning, or replacing.
The spark plug wires have to be in good condition.
The distributor cap contacts, inside the cap, need checking, and the contacts sanded and cleaned if burned, or the cap replaced.
The rotor need checking, sanded and cleaned if the contacts are burned, or the rotor replaced.
Then after doing those items, the ignition timing needs setting. IH recommended using a timing light for the Battery Ignition unit.
It tells how to time the magneto in the owner's manual, in the magneto section.
Below is a listing for new points and condenser at TM Tractor, you can look at the pics.
http://www.tmtractor.com/new/el/367fp.htm