I don't think compression would cause that, and if it were a problem, it would just run poorly but start in the same time.
Here are some things based on the improvements seen after various rework over time on my 89:
Grounding is poor! This will affect sensor voltages to the computer. remove, clean, and use ox-gard on the block, battery, starter relay, and firewall connections at least. I'd also use Deoxit-D5 on all of the sensor harness connectors.
Bigger cables are good. The RENIX needs 300 rpm before it will begin operating per its manual. This means good power to a good starter and a good starter.
Once it gets good signal from the CPS, it will begin firing with cylinder 1 (or 6). You can put a noid light on the HV coil wire, have someone crank (or use a remote) and see if you start getting spark long before it actually turns over. If it does, then the computer is happy and starter, CPS, distributor, etc are OK. If not, it's not happy and it's probably electrical or sensor related.
If the computer is happy and firing, check fuel pressure. Also check the B+ relay. It's supposed to keep power on after turning the engine off for a few seconds to allow the idle stepper motor to assume the 'starting' position. Not sure if that's more open or closed than running, but you could try removing a vacuum hose, say to the CCV system, and see if that helps. Perhaps it's trying to adjust it and that takes a while because it thinks it should be ready already. The computer also energizes the EGR solenoid during start, so that may be stuck. you don't mention if it's totally dead or tries to start during the extended time...
If it's looking like a fuel/air related problem, try different pedal positions to see if that changes things. Part open should richen it, and floored will shut off the injectors during cranking (it is programmed to do that so you can clear a flooded condition).
If that doesn't help, report back on more detail, like 'does it start faster after JUST having been shut off?", "does it stumble?", "what did the above tests result in?", etc.
Good luck.