Air could be put into the cylinder to confirm where the compression leak is located i.e., rings, intake and/or exhaust valves. Both the oil burning and the low compression could be in the cylinder head which has never been rebuilt. The block only has 130K but it was overheated. 250 psi wet indicates rings that are really shot or normal leakage on a valve that needs resurfacing.

At 130K the bearings may be excellent, the valves at 190K can often be refaced, guides you'll probably need a few. Pistons probably ok except #4 but that is a guess until it's opened like you said.

Good luck!!!

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