Re: Smoking Problem
Thinking this through, I think cableguy0's got it - as always. If the oil control rings were shot, this would be the symptom. They're fairly delicate, and as noted if they failed it wouldn't show up anywhere on compression or leak-down.
Your troubleshooting approach is sound, and I'd certainly eliminate the valve seals and guides first.
As an aside, if it was the oil control rings it would be fairly simple to replace them - it's a teardown, but just an "in and out" thing.
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