Using 2 quarts in 100 miles should make it smoke like a mosquito fogger if the oil is getting past the rings. Is the inside of the tailpipe oily? I'd start looking for very badly worn exhaust valve guides that are allowing oil to go directly to the exhhaust system without being burned in the combustion chamber. Get a piston up the the top of the stroke so the valve can't drop into the cylinder, take an exhaust valve spring off, and try to wobble the valve stem back and forth in the guide. If it's got more than a very slight amount of slop, you're probably dealing with bad guides. Next question- - - -is the general condition of the engine worth a cylinder head rebuild? You might be doing the equivalent of a facelift on a patient with terminal cancer. The low compression on a couple of cylinders does not sound good.
Jerry
Last edited by Hotrod Lincoln; 09/12/2011 9:08 PM.