The lock pin holds it within about +/- 1.5 degrees of full advance, it does have a bit of slop. It is not meant to actually run like that for any significant timeframe, long enough for oil pressure to build and then the lock pin moves away. As you can imagine, a phaser cannot hold the camshaft in a set position without oil volume.
I have not performed a compression test on a VVT engine, but I see no reason that you cannot get consistent results if the same cranking procedure is used from cylinder to cylinder. I may just give it a try myself to see if there is any difference.