Maybe it will show bad rings and maybe it won't. As Gary said these engines will burn a lot of oil before they will even start to blue smoke. I've been around an IDI that ate 6 quarts per 200 miles and still sounded pretty decent and worked hard every day. Back on the old forum the rule of thumb was that if it burnt more than a quart in 300 or 400 miles it was time for a rebuild but that was lame advice, I think we all know better than that by now. It's time for an overhaul when you want a fresh engine or something breaks or is about too...or it burns so much oil that you are violating smog laws or it's just too expensive to keep feeding it oil. As far as if you just want to know your compression, look for 300 psi and up and the lowest cylinder should be no more than 25% lower than the highest. For example even with your oil consumption you'll probably find at least one 400psi cylinder in there so the lowest shouldn't be below 300. It's a lot of work but I know you're curious, I certainly was, just so I knew what I had. Good luck.