The compression readings are on the low side, but if the cylinders are all equal it implies the bores are in reasonable condition. Of course it is possible to have perfectly good compression and one or more broken oil control rings.

Worn outbores, broken oil control rings tend to give the symptom of blowing oil under acceleration. Also if you leave the car idling, and then open the throttle they tend to blow clouds of oil.

Valve guides on the other hand you will get oil smoke when decelerating. When engine braking, with the throttle closed it wants to suck in air. If the guides are worn it sucks in oil past the inlet valve stems. I once had a 145E that would obliterate three lanes of a motorway with oil smokes if you had to stop hard from 80MPH or so. Coast the car down a hill engine braking, oil out the back equals valve guides.

Remember that those nice colours we used to see on spark plugs were to a large extent down to lead in the fuel. Unleaded fuel even when the engine is in tune can give horrible looking plugs.

Am I right in thinking that a quart is roughly a litre? It sounds to me from the oil consumption and the compression reading that you have a bit of bore wear. I would have thought though that it will run for a lot of miles yet before it is worn out

Regards