You can try 'dry' and 'wet' compression checks and compare, I would think. The well seasoned 22REs I've done recently (93 truck, 88 truck) came in at >160psi (more like 170psi) dry and at operating temps. Do full throttle.
OK, I've never measured higher than 160 psi on 22R and 22R-E engines here in Denver (sample size of 4, 3 of which were admittedly at least 150K or older). A stock 22R-E should have a 9.3:1 ratio, which at sea level (14.7 psi) should result in 186 psi when compressed. This agrees with the FSM, which says 181 psi is the max pressure. My old engine was around 140 psi at last check, which was at least a year before the timing chain incident. That 1984 Dean and I bought-n-sold, Dean's 20R and now my new 22R-E are all have been in the 135 to 155 psi range.
When you correct for the typical ambient air pressure here at 5,280' AMSL (12.2 psi), that gives a compressed pressure of 155 psi with a 9.3:1 ratio. That's in the range of value I was getting when I stopped obsessing about it. My compression ratio is a bit lower than stock because of the enlarged combustion chambers and stock deck height and so I figured I should expect more like 151 psi with a ratio of 9.1:1 to 9.2:1. I have not done the calculations to find my exact ratio because I forgot to measure the piston-to-deck height before I put the head on. So I dunno my exact combustion chamber volume. But in any case, I figured with minimal carbon build-up I should expect 150 to 155 psi with regular weather. I do them at full operating temp (minus the time it takes for me to burn my arms pulling the plugs), WOT and plenty of cranks. The needle stops moving + 3 or 4 more cranks.
All of this also agrees with the rule of thumb about altitude compensation.
http://www.pelicanparts.com/techarticles/mult_Engine_Rebuild/mult_engine_rebuild-2.htm
Altitude Factor
500 0.987
1500 0.960
2500 0.933
3500 0.907
4500 0.880
5500 0.853
6500 0.826
7500 0.800
8500 0.773
181 psi * 0.853 = 154.4 psi
I was doing a wet test and there was some question as to how much oil to squirt in there (I'd heard to shoot for 2 tablespoons and that's hard to estimate with a leaky turkey baster). I was getting such wildly varying pressure, from just a slightly bump to 160 psi all the way up to 190 psi, that I just figured that I was too inconsistent with the oil in the chamber to be useful. With what I would call a heavy mist of oil my pressure only jumped around 5 psi and that I think is most useful in convincing me my rings are seated. My dry tests are even across all 4 cylinders, well within the 5% from highest to lowest (~5 psi).
Also, my compression checker is not a particular good one. It was $20 or something at Sears. There could be some accuracy inconsistencies between tools and so I'm happy if I'm within about 5% of my expected value of 151 psi, which would be 144 psi to 159 psi. So, yeah, I've thought about it a little...