Reading some recent posts by Barabbas, Greg_g and some others it looks like readings under 100 are a good sign the rings and possibly valves in my engine are showing serious wear. I finally tested my compression and got 90/95/100/110/95/90. So no really dead cylinders but some pretty weak ones. For the most part it runs smoothly and has decent oil pressure, although after driving 50 miles Saturday the idle pressure was down around 15-20 which doesn't seem that bad. If it weren't for the increasing smoke clouds at stoplights and on deceleration I would live with this but I guess I better prepare the wife for a hefty 2012 investment in the Wayfarer.
As Rockwood said in an old 2008 post I too was surprised to see the plugs after two years looked fine - the light brown color and not fouled at all. I would have thought that with bad rings and an engine burning a lot of oil it would show up on the plugs.