First of all, compression numbers have nothing to do with rod knock, completely unrelated to each other, so forget about compression and concentrate on your original post. Valves have nothing to do with rod knock. You either have rod knock or you don't. You said when you removed the belt the knock went away. Then you said that with the stereoscope the was no sound from your alternator or your water pump (assuming those observations were after you put the belt back on). So those observations are kind of contradicting each other.
One of the thing about rod knock, when it is caused by a worn rod bearing is that it will become much more pronounced when the motor is under load than when is is just sitting there idling. Think about it. A worn out rod bearing will allow the con rod to bump up and down on the crank and make a big noise when the crank is under load rather than when it is somewhat relaxed just idling.
Drive around the block. punch the gas. Listen to the magnitude of the knocking. If the knocking gets way worse under heavy acceleration, yeah it could be a rod bearing. The chances are pretty slim that you're gonna have what I had driving 75 MPH on I-70 coming back from Cruise Moab versus driving around the block, as far as throwing a rod into the side of the block. Again, a different time I had knocking that was my alternator, and taking the belt off confirmed that. My alternator was original, like yours.