340 compression variance

Long time since I've been on here. Spent the last 9 years building my house so no time or money to work on my car until now.
I plan on pulling the engine out and freshening it up. The car sat for 16 years before I bought it in 2005. The previous owner told me the engine was built by a local machine shop for Friday night drags. They are now out of business.
Anyways, before I yard it out, I did a dry compression check on all cylinders warm, and have variances. The lower ones I checked again with oil:
1. 180. 2. 170
3. 180 4. 170
5. 160. 6. 150
7. 170. 8. 170

#5 was 180 with oil, and #6 was 160 with oil.
So the question I ask is, what do these numbers tell you? High compression engine but #5&6 rings getting worn?
I never had blue smoke with this engine but would sometimes get oil out of dipstick tube at high RPM highway speeds. It has a PCV valve and breather on opposite valve covers. In the past I had a hard time dialing in the timing and carb, I believe due to a vacuum leak. Vacuum was erratic before and never higher than 14". Smokes gray a lot, runs like crap. I managed to limp it into the shop tonight for winter rebuild. The block is a 73. Sorry for long post but would appreciate some input. Thanks in advance.


If you get improved compression numbers wet vs dry, that indicates some leaking through the rings...

If you have some low numbers and they don't improve with wet compression test, then look into the valves...

Have you tried doing a leak down on those cylinders??? That will also help determine if the rings are leaking....