compression test question

No; smoking under load, is ring seal, or rather lack of it.

At WOT there is very little vacuum, so the guideseals are out of the picture.
Old tired oil scrapers, leave oil on the cylinder walls, which then get burned and come out the tailpipe.Tired compression rings, allow some of the cylinder pressure to leak by, which ends up in the crankcase, where it is forced backwards through the PCV system, and goes back into the carb to be burned. Since this "air" is now loaded with oil vapors, more smoke is created.No PCV?, Then the vapors go out the road-draft tube. No tube? Then it blows out whatever seal is the weakest , and pukes oil all over everything.
Your compression numbers are telling the story;
120/145=82.8%, so 100% less 82.8% leaves 17% as leaked,gone,mia, on vacation,see-ya,bye. And worse is the 145 may be leaking 5%,or 10%,or who knows how much, all by itself;nobody knows.
Long story short; don't floor it, heehee.