It is fine to check the compression cold, but beware of variances in compression readings between various gages. These engines have relatively small combustion chambers, so these minor variances wouldn’t account for much in engines with larger combustion chambers, but may affect normal readings on this engine.. In any event, these engines have relatively low compression, so you will probably see readings between 70-80PSI, which is normal for these engines. The compression readings should be the same for both cylinders though.
Is this engine “new to you”? Or, have you owned it and used it for awhile. If you have owned it, when did it last idle properly?