to add,
at 60 psi, if it's the rings, you would have experienced some serious loss in performance and fuel economy prior to this no start condition. it would not just happen over night.
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if both banks are low and/or pressures vary, your t-belt slipped time. spensive and labor intensive. but it's a non-interference type engine. so no internal damage. if you have to change the belt, consider a water pump replacement as well. it's under there to. it's a consumable part. don't wanna do or spend the bucks for the same labor twice if the pump goes bad later. t-belt replacement is at least a $300 job. 90% labor costs.
if it's just the right bank, likely the exhaust cross over cooked that head gasket.
if you're gonna do the t-belt yourself or would like to review the procedures, lookie here,
http://www.ncttora.com/fsm/1993/engine/67timingbe.pdf
owner 93 toy pu 4x4 V6 3VZE.