blow by question

You can have poor compression rings and good oil rings and have blowby into the crankcase but no real smoke fromt he exhaust.

Your 110 psi compression readings will depend on the cam you use as well as the compression ratio of the pistons so that may or may not be meaningful.

I would check the compression rings as follows: Take a compression reading on each cylinder after setting overnight. Then squirt some oil into each cylinder and retest right after the oil and see if the reading increases after the oil; if so, then the compression rings are likley not sealing well, or the ring grooves are worn, or both.