I bet your piston rings are fried. Which is why your burning so much oil and smoking. I had an s10 with bad rings once and it went through a gallon of oil a week haha. Got rid of it quick.

 

 

 

I was going to say if you compression test came back fairly well, then the valve guides or seat are to blame. Either way, the head has to come off. Don't forget to get it machined before you put it back together. Good luck.