OK this is the update. My teacher and I pulled the exhaust manifold off and examined the valves from the other good cylinders. As thought, the valves of the other cylinders were seating correctly, but on #4 it was seated about 1/2 inch low for being top dead center. To make sure, we hooked the air hose up and sure enough, it was blowing straight through.
So the remediation is to R&R the jug with a repair only to the exhaust valve. Checking to make sure the valve is not bent, and if it is good to reface the valve and the seat.
R&R to remove the jug and get to the valve is about 6 hours - 7 if they pad the number. Odd thing is, and I didn't realize it till yesterday, we could only tell that the jug was leaking when the engine was at idle - and then only at shutdown did it make the wheezing sound.
Wolf