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A leak down test is much more informative than a compression test when trying to diagnose a problem.
Bad Rings: air will blow out of the oil filler when performing the leak down test.
Bad Intake Valve: air will blow out the carburetor/throttle body when performing the leak down test.
Bad Exhaust Valve: air will blow out of the exhaust pipe when performing the leak down test.
Bad head gasket: air will blow out of the radiator filler when performing the leak down test. (Remove radiator cap!)
Also check the air box for excessive oil coming through the crankcase vent. This could be an indication of bad rings or a problem with the crankcase ventilation system.