[slowbird]

That sounds like a very good plan!! Tear it down find where the oil is coming from and who knows what else you might find (sounds like there are quite a few issues!). Also letting Curtis Boggs check you heads is a great idea, you might also consider letting him look at your intake.
My cranking compression was mid 150 if I remember correctly. You have a smaller cam than I did with about the same compression so I am curious as to why your cranking compression is so much lower than mine (I know there are many factors that play into it but I wouldn't think there would be a 20psi difference, I could be wrong though).