Tom,
The top compression ring that you have may have a stamped dot or other marking to indicate which side goes up, otherwise as long as it is the rectangle type it should not matter. If the bevel your rings have is on the inside of the ring, the #2 and #3 piston rings should have the bevel or notch on the upper side when installed. The manuals all show ring designs typical of the 1950's and 1960's and any new designs will work just fine. Check out this link for some good info:
http://www.hastingsmfg.com/service_tips.htm As far as ring gap orientation I would recommend evenly spacing the gaps around the piston just so that no two gaps are in line with each other.
DEFINETLY lube up the connecting rod bearings (and all other bearings) with a good engine assembly lube so that during the initial startup they are happy. No need to lube the connecting rod journals that the bearings fit into. Just be sure to wipe them clean and make sure that there is no dirt on them that might get pinched between the journal and the back of the bearing half.
Hope this helps.
