Check this out:
http://www.autoshop101.com/forms/h56.pdfA couple of things come to mind.
CO is high (is to the left of stoichiometric), so your Air/Fuel ratio is on the 'rich' side
(you are sending unburned fuel through the engine/wasting gas).
I would not blame the cam, but check the fuel delivery system.
If something is holding your injector(s) open too long, it might be a simple electrical fix.
Seafoam is a hydrocarbon.
If you pour it down the throttle body while holding the throttle open, it will deposit along the
catalytic converter and eventually burn off, but may take quite a while.
So, you might consider holding off on seafoam just prior to an 'Air Care' exam.
Again, I'm no expert, but she's on the rich side. The high HC confirms it.
Best to read the article which is has a comprehensive set of possibilities to check.
They zero in on electrical (spark) issues, and your compression seems to confirm it is one of the bolt on systems, and not the internals of the engine.
Actually, you can read on the chart and plot the exact place your engine is.
It looks like a minor thing.
If you get that HC in line, the other readings will probably fall in place.
Almost forgot:
Out here, a dilution error points to leaky exhaust.
These emissions tests challenge even the best of mechanics,
but unlike a dyno are repeatable from machine to machine.
If you get it to pass, and she burns clean, there is a great deal of self satisfaction.
Keep in mind the CO.
Tune it with the CO, and then you'll know you are at stoichiometric, as the CO curve is very reliable.
That's why I use one of those Heathkit CO gas analyzers prior to taking a car to the test.
They are a LOT cheaper than a 5 gas analyzer, easily stored, and give you a pretty good idea about whether it will pass or not.
Here
viewtopic.php?f=2&t=50941are some typical 5 gas results for a normal engine.
(Sorry, they aren't all that readable...

)
3 cylinder or 4, they should put out these types of results.
You'd think a 4 cylinder would put out 25% more smog.
That is not true.
They put out almost EXACTLY the same amount of smog, and the limits are almost the same.
If you can find the leaky injector, or leaky throttle body, or whatever is causing the rich burn condition, the engine will really respond when you switch it back to the Sandro's Chip.
Always look at your CO2.
It is easy to remember, just like stoichiometric, right around 14 to 1.

(Notice my engine - it is also HIGH HC, but still within the legal limits...)
You asked for 'thoughts'.
I 'think' you are fine tuning your mechanical abilities when you attempt to pass Air Care.
Most guys have a problem with NOx.
They take FOREVER to solve it.
You've got a simple HC problem.
Go for it!
Best of luck.