Does my motor need a rebuild?

[HotRod73]

Hey guys I bought a project the other day a 76 swb with a 350. Truck runs decent. The problem is it smokes. When you first start sometimes it smokes a little and sometimes a lot. When idle it doesn't really smoke but when you floor it and get on it, it smokes pretty bad. I can't tell if it's white or blue but I think it's oil cause it smells like burnt oil. Sometimes it smokes worse than other times. I did compression test all cylinders at 100psi at warm temp with throttle wide open. This is low isn't it? Could my motor be worn out and needing new rings or could it be a head problem? Truck starts up good and easy just having the smoking issue and a little miss here and there I think because timing is off. Please give me some advice if you have any!
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