compression test question

We can talk about the compression numbers all day but it only has limited meaning. Sorry to disagree, but the one being high is not a great indicator of where the engine started; it can be a cylinder that is getting a bit more oil up past the oil and 2nd rings and onto the 1st ring and that will seal it up and it will look good. And my /6 before rebuilding had consistent pressures in the 110-125 psi range despite the #1 cylinder being worn over .015" ; it read right in the middle at 115 psi.... multiple times !

And the pressure range is 25 or 30 psi total, not +/- 25 psi. The 110-140 psi limit I quoted is directly from the early 60's FSM' and is the acceptable service limit.

The oil smoke at WOT is a classic symptom of worn bores and pistons, and/or rings being worn, weak, broken, or stuck. Some Sea Foam in the cylinders is probably the best thing to attempt to free sticky rings; after that IMHO, there is not much else to try. Doing a leak down test would be a good step but it is not going to tell you anything different than we already know from the oil smoke at WOT tells us. And a valve job is not the move that would be expected fix oil smoke at WOT; 'specially after the stem seals are refreshed.

If it is liveable, then IMHO just run it. And yes, $700 is way too much. My well rebuilt /6 has only $1100 in it.