I think you're chasing your tail with the compression test. The pistons have oil control rings and compression rings, so it is theoretically possible the oil control rings are shot, allowing oil up the bores, while the compression rings are doing their job.
Another thought, there must be some compression, as the car works, so unless you have a benchmark engine, you will end up with four readings that don't mean a great deal.
If you are burning oil it has to be from the bores or the valve seals (assuming N/A). It is rare for a specific 'fault' to develop, it is usually general mileage related wear. Not what you wanted to hear, but I would save your money on the comp tester.
Bearing in mind that the car only smokes just before the redline and at no other time would I be likely to cause loads more damage if I just continue to drive the car for the next few months and keep the revs under 5500 rpm??
The car would still work with a shot piston ring, so that shouldnt deter you from testing, albeit not very efficiently or smoothly.
For a simple £12 on a guage to test and eliminate any possible reasons for the problem, it isnt much. Do the test, get the results and sell the guage again on ebay.