WHen was the last time your valve clearances were checked?
Taking the model year into note, I'd bark up that tree for a bit. They could have closed up to nill, leaving you with a compression leak keeping you from getting it started.
The bubbling and hissing noises you hear with the valve cover off are normal. Your auto-decompressor system is causing the hiss, as it cracks open the exhaust valves a small amount to relieve some compression and make it possible for you to even be able to move the kick starter (a nice feature).
The bubbling noise I think is the sound of the crank and pump moving the engine oil around, down below.
Get those valve clearances checked.
Hard-to-start issues many times end up having something to do with insufficient valve clearances, which can also yield the lower compression reading you're seeing. (if the intakes are not seating well, rough idle can also happen).
Good luck.
-matt