proper order of engine analysis

[47topless]

My recently purchased 1947 Ford, with stock V8, is not running very well. It starts immediately but seems confused under load. The only thing I have done is change the spark plugs. There was some improvement, but just a little.
Is there a proper "order of elimination" when diagnosing a poor running engine?
Should I start with a compression test to establish a baseline?
Thank you.
Phil