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nope, the oil rings keep the oil off the cylinder wall, they have nothing to do with the compression.To take all guesses out of the situation pull it apart and measure your piston to bore clearance, measure to see if the bore is out of round.
btw, you wont get a good gauge at whether or not your valves are leaking with oil, your best bet is using carb clean, brake clean, or even gas, dump it in the intake and exhaust ports and see if it seeps through.
My bet is the bore is out of round. even though its new, it should not consume that heavily.
Will try with regular unleaded tonight. But i'm now thinking the cylinder as well. If I had to guess something is up with the cylinder, the compression rings have enough pressure to seal up or meet the imperfection, but the oil ring does not and it is leaving a film of oil on the cylinder wall. That would explain the good compression, and no draw down on the oil I put in the cylinder last night, but still having some blow by during the compression stroke. On that note though, wouldn't the compression rings be tight enough against the cylinder to scrape the oil off?