A leak-down test will tell you more accurately what's going on in your engine. It works by essentially hooking up an air line to the cylinder being tested, and measuring how much air leaks out past the rings and by the valves. you can tell where the air is leaking by listening at the carb (intake valve), exhaust pipe (exhaust valve), or the oil filler hole in the valve cover (rings).

Very likely that you have a burnt valve from the sound of the compression test, and the oil burning under acceleration suggests worn rings. At your altitude, you should be closer to 130-140 if everything is in good shape.