I have a 89 Silverado with a 350 tbi motor. It started blowing blue smoke from the exhaust and at inspection the hc reading was about 340 with the standard being 170. Im not sure if the oil burning is causing the high hc reading or if I have two separate problems. truck drives great and runs strong with no misfires or loss of power.Pulled the plugs and saw no oil on them but the truck is definitely burning oil.
Did a compression test on the cylinders and got the following readings
1- 118
2- 120
3- 120
4- 95
5- 110
6- 120
7- 115
8-125
I put a tbsp. of clean oil in the spark plug on cylinder 4 and retested the compression and it was up to 120. A friend told me that would indicate a bad ring or cylinder in 4 but I don't know if that is correct or not. The truck smokes a lot on acceleration but not much at steady speed but you can smell what I believe to be oil burning all the time
Any help would be appreciated in solving the oil burning issue, just didn't know what step to do next

 

On your low cylinder...

Yea, could be a broke Ring or bad cylinder, but...
It could just be that you have a stuck ring as well.
I'd try one of the products that you can just pour into the cylinder and break the oil and carbon deposits up, before it got too serious about anything else.
Lots of people have used Transmission Fluid and let it sit overnight.