Did it smoke while "redlined" or after and was on idle? If it smoked a little after the "redline" and idling, it is most likely valve guides.
On the compression test, it shouldn't take too many turns to find the higest reading. Just be sure to have the footfeed wide open. You can look at the gauge while you are cranking. It will take only a few seconds to reach your high reading.
I think you found your main oil consumption problem by disconnecting the PCV valve.
