Burning oil and compression test results

[Black71Shorty]

Geezer and James the III are steering you in the right direction. More than likely you have worn guides and seals. I have put new seals on a few of older small blocks that still ran good and had good compression but burned oil. If you're not looking at rebuilding the engine right now or want to spend the $$$ to do so. You can put new seals on it yourself without pulling the heads to help the oil consumption if the seals and guides are worn.