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I have just compretion tested a yzf and the readings are

1.= 70 psi
2.= 60 psi
3.= 90 psi
4.= 70 psi

the bike was red line to 14k rpm by mistake now she is running really poorly and has a back fire.

On all other bike I have tested i beleave you should get about 150 psi per cylnder.

I do not have a leak check tool so is there any other way i can find out if the valves have been hit with out taking the head off ?

Am I jumping the gun here with my thinking or do you think it could be something I have missed ?

That engine is probably "hurt" as Dr. Jim might say...............
You don't need much for a leak check though.............any rubber tip air nozzle that will fit down into a spark plug hole (and seal) will do the trick (given that you have an air compressor, yo)?
Just put each cylinder up on TDC compression one at a time and pressure-ize the hole.
If it bent valves, you'll be able to tell which ones right then and there.
My guess is that it either jumped cam timing or shredded the rings though.
That stuff is all repairable if the crank and bottom survived, so it's probably worth checking out.
Good luck,
~B~

sounds hurt to me. I'd also suspect bent valves just for the backfire issue...cold air gettin in there will certainly allow that to happen.