Compression Test etc..
I would just listen for the tell tale signs that you mentioned above.
Anyway....since you asked
To do the comp test. you need a comp guage and spark plug fitting of coarse.
You warm the engine up to operating temperature then shut down.
Then open the hood, disconnect both coil pack connectors and fuel pump relay.
Take a spark plug out, install fitting, hose and guage and crank over the engine 5-7 times. Record reading. reinstall plug and repeat on all 8 cylinders. Lowest reading should not be below 10% of highest reading. Last time I did mine, all cylinders were around 200-205
Leakdown is much more complicated and usually is only done if strange results arise from the compression test. It requires another different instrument (dual guage leakdown tester) and access to an air compressor.
Never did one, but if memeory serve you would have to make sure both valves are closed either by making sure you are on the compression stroke by turning the engine by hand or by taking the rockers off to close all the valves. The purpose is to fill the cylinders with air from the compressor and read the guages and listen for air escaping from the intake, exhaust, head gasket, or piston rings. A certain percentage is acceptable as read by the guages. Anymore than that, you have air leaking through one of the 4 places I mentioned in the above sentence, and repair is needed.

