Why don't you take an amperage reading of the compressor while it is
running and compare to the rating plate. If reed valves are shot you
should be getting a pretty low number, as the compressor is not working
very hard. High suction and Low Discharge are a good sign of a bad
compressor. Of course you could sink hundreds of dollars into fixing a
problem whereas that couple hundred dollars could go to a new
condensor. Sometimes you just have to look at how old the unit is to
determine it's time to put it out of it's misery. Also make sure filter
is clean, and inspect evap in plenum to make sure it is clear of dog
hair, dust or anything blocking air flow.