There is not need to relieve the compression if nothing can get out. If the exhaust valve is not opening enough, you will find out as the engine rpm increases. The engine will not develop full power as the intake mix will not be drawn in fully as the cylinder is still 'full' of exhaust gas that has not exhausted.
If the lift is significantly less than the intake and the other valves, you most likely have a worn lobe. If it is a pushrod that is bent, it might be flexing as the valve spring load increases, and thus not open the valve fully. To be sure, I would remove the pushrod, and check for straight by rolling on a flat surface. You could also remove the rocker, and use a finger placed on the tip of the pushrod to 'follow' the cam using finger pressure and observe the lift of the lobe by how far your fingertip moves. Compare to the intake motion for confirmation.
The lobes of the cam may be heat treated, or 'parkerized'?, I did not make that up, and it just rings a mental bell... which is not real deep into the lobe. Once you get past that treated area, lobe wear can be relatively fast.
I'd hope for a twanged pushrod, and if so, inspect the valve guides for self-extraction.
tom