Yes, I have sat down and had a think and realise the gauge should hold whatever pressure is achieved, so my fears of compression leakage are probably a fault with the gauge.
Regarding the lower reading, I first thought that if the gauge has developed a fault then that might explain the lower reading. Last time I did a test it was done warm and all 4 cylinders gave a reading of almost exactly 150. Now, after fitting the new gasket and tested cold they gave readings between about 135 and 145.
My main concern though was the pressure falling away which I now presume I can ignore?