Hi I think the bolt you have removed is where you would place a socket to turn the engine over when setting tappets etc, the engine should not be run without this bolt.
When you say you have no volts going to the lights where are you checking for volts at the bulb holders or for power coming out of the generator ?
if it is at the bulb holders it is likley the wiring is just old and corroded if you unplug and clean all the connections and the earth leads. Does the bike have a battery if so is it charged and fuse ok.
I think it is quite difficult to get an accurate reading with a compression test on a single, when I tried the screw in adaptor would not clear the frame and the other type that you hold down is also very difficult to use while kicking the bike over. So check the simple things first fresh fuel a bit of carb cleaner clean air filter new spark plug etc
Good luck
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