cr1m3rat3z

Not necessarily. Coolant getting burnt along with the oil could result in blue smoke but if just the seals are bad, it's quite possible to see only black smoke as you're only burning the oil. Furthermore, have you checked your oil color lately? Get underneath there and do a oil change just to see what it's looking like. And this may seem like a little thing, but a clogged PCV pipe could actually be aiding in excessive oil consumption.

PJ2

Running rich can be caused by a lot of things, the O2 sensor and engine temp sensor being 2 of them. Have you checked those?

Dang Yo

i had great compression on my old setup but smoked like yours does (im tommys friend) i replaced the rings and come to find out the oil control ring was worn. which has nothing to do with compression numbers. sorry to say but being around that car as much has i have been, it needs rings.