I know you did a compression check, but oil soaked rings will record a much higher PSI. In fact, while running a compression check, you can diagnose bad rings by squirting some oil into a low compression cylinder and running the test again. If the rings are pretty worn, you will see a pretty good jump in the numbers. You might want to pour some thing into that cylinder and cycle the engine a few times to flush any residual oil. Maybe something like Seafoam or another engine cleaning product. I would pour some in, cycle the engine a few times, pour in some more, and let it drain past the rings overnight. Then I would run a compression check on that cylinder and look at the new numbers. That might help eliminate the rings as the problem, or it might show they are the reason your burning so much oil. Blow by, oil usage, and lots of blue smoke add up to a cylinder or two not sealing adequately.
If the rings turn out to be okay, I would remove a valve cover and replace the valve seals on that cylinder. Just make sure you have that piston all the way up so the valve cannot drop down when the keepers are removed. Ask me how I know that is a possibility.
Good Luck,
Mark