I'm betting you raised the compression against some bad rings, oil rings in particular, and it's actually burning the oil. If it's burning a lot and smoking heavily, it has to be cylinder related. If it's a puff under decelleration then maybe valve seals, but I doubt it from you description. I had a car that the oil rings were stuck due to carbon build up and a timing belt breaking. The rings got compressed into the piston and it ran fine but burnt a quart of oil in 200 miles. I rerung it and it never burned a drop since.
Scott

Scott Ward

2 1948 1.5-ton Loadmasters
The red one and The snow pusher
1 1950 3100
1 1955.1 Chevy 6500
1 1954 Chevy 6500 2-Ton
1 1955 1st Series COE 5700
1 1963 K20 (454)
1 1964 C10 (350)
1 1951 1.5-ton Dump Truck
1953 and a 1956 Ford F800

Raising a teenager is like trying to nail Jello to a tree!