Hi Matt, all depends on what your looking for........
Ideally start with a warm engine, both spark pugs removed (though they should be plugged in & grounded to the engine to prevent coil damage). Hook up the gauge, hold the throttle wide open & thumb the starter for a few seconds. If you need to kick rather than e start, 4 or 5 kicks should do (just keep going till the gauge stops rising). The vacuum may or may not be enough to lift vacuum slides. Some say to prop the slides open (with vacuum type carbs, obviously not needed with VM's or similar type carbs), others don't bother & get acceptable readings. I'd say maybe leave the slides, if you get a reading of say 135 psi or lower, maybe then lift the slides to make sure that's not the reason for a lower reading.
Ideally you'd be looking for a reading above 135 (150 psi standard) with 5% difference between cylinders.
If you get a low reading, adding a bit of oil through the plug hole can help seal the rings, so if that brings your reading up, the rings become suspect #1
If not valves become the likely culprit!
In either case, a cylinder leak down test will give you more detailed info.