Worrying compression test results on 2.3L

[SuperDuty455]

Hi,

I've done the compression test on the 2.3L of my '79 notchback and the results are bad :
1 - 130psi
2 - 140psi
3 - 70psi (did it at least 5 times)
4 - 130psi

I've done a basic leak down test afterwards, with just air into each cylinder at compression stroke (I don't have a tester). On cylinders 1, 2 and 4, I got a very audible noise coming out of the carburetor which would indicate leaky intake valves.
On cylinder 3 though, fresh air was coming out of the oil filler cap/breather hole on the valve cover, which would mean bad rings or bad cylinder. Or could it be a cracked head ?

The symptoms are blue smoke on acceleration, a rather rough and noisy idle, black and oily plugs, shaky engine.

What do you think about those results ?

Thanks

[IDMooseMan]

Time for a rebuild. Oily plugs means your oil ring on the piston is allowing crankcase oil to get passed it and into the cylinder. Blue smoke is also a symptom of burning oil.