[Frank Miller]

If you can easily hook up an air hose to your spark plug hole that will tell you everything. All you're looking for is where the air is escaping. If you hear it through the fill tube then it's rings. The carb is an intake valve and the exhaust will be coming out the pipe. Did you try oiling the cylinder with motor oil and redoing a compression check? I had a 70 chevy 6 cylinder I had to replace the head on due to a couple of cracks. It was running but I could not get it to start. Seems the coolant had washed down the cylinders and and there was no compression. A little oil in all the cylinders and it came to life. I imagine the rings were a bit worn also but it ran well enough.
Your rings have not been seated and even though you oiled them they may have dried out. Good luck.