I don't trust compression testing anymore. I just pulled my 350 apart and I tested it SEVERAL time via compression tests. Each time the results were the same, ~155psi +/-2psi across all pistons. Did a leakdown test, and then had a reputable shop verify my finding. All the cylinders were leaking at LEAST 20%, #7 was up to 50%. Pulled the engine for a new 406, and I took the pistons out. In every cylinder, the top ring was broke in two, and #7 the top ring was in about 15 pieces!
Never did the car burn oil. But I knew something was up when we did the leakdown. So I guess what I am saying is if you want to get to the bottom of it, do a leakdown test. Otherwise you might as well be guessing. I know in certain instances the compression test will work, but in all those cases, the leakdown will tell you the same+some.