Electrical gremlins might make you wish you had totaled the car or replaced it.
Low compression is indicates 1) piston slap or failure of the rings to seal 2) valves that do not seat properly or 3) leaking head gasket.
I would recommend a new engine....for peace of mind, however this does not address any water damage to electrical components.
No need to replace the connecting rods unless they are out of tolerance. If the head gasket blew (my guess) you might be fine with just replacing it.