Well then.
Did an in line spark test all good. Did the compression test and, in order on each cylinder - 60 PSI, 55-60 PSI, 60 PSI, 80 PSI.
It was shortly after this that I rechecked the oil. It looked fine before, but after rechecking it and despite having looked fine before, the oil now looks like chocolate milk...
My instinct says head gasket naturally, but why does the oil look so poor after getting it running once?? When it DID run it ran fine, and how would this have taken compression out on ALL cylinders? We couldn't do the test with a warmed up engine of course, but no way it would have made a difference that huge...
The plot thickens