Although it seems like there are a heck of a lot of padrinos, I see no mention of abuelos

Parts that I can see (after tweaking the image)

"...en la capilla del Cabezon...puse los oleos y christmas a Joseph Manuel de dos dias... ...Juo. Marquez y de G... Arriola... padrinos... M...

Now the entry for the record in the index shows the names as Joseph Manuel Marquez son of Juan Anttonio Marquez and Gertrudis Anna Brigida, this names where likely indexed when the film was taken and thus they could see a slightly better image than this scans. I personally don't think it says Anttonio for the father, but can't really tell, and for the mother the name Arriola is clear after some brightness/contrast adjustments. The name/surname of the godfather is not clear or obvious to me, but definitely starts with a M, could it be Miranda? or Ma. can't figure it out.

By the way nice to see some research on my hometown!.