Help!!!!

I just bought a 96 metro with a 1.0 liter engine with 147,000 miles. It is consuming lots of oil. The number 2 cylinder spark plug has oil on it. Compression readings are 208, 202, and 218. When I hooked up a vaccuum gauge I got a 1"hg drop once per engine revolution. I replaced the pcv valve to be safe but it didn't help. The engine runs a tiny bit rough when warmed up and blows oil smoke when I accelerate hard. I'm wondering if this could be valve stem seals causing this or if I should consider a complete overhaul. Also, does anyone have experience with JDM engines and whether I should consider that option.
Thank You,
Rich

Dr Bill likes to overhaul the motors and if you want to do this option look back through the lists and you will find a step by step of what he did. due to the time involved i prefer to put in a jdm engine. on a 96 to use a Jdm engine you will need to use your intake and exhaust manifold and also change the oil pump due to the crank angle sensor used on the newer metro engines here that the jdm engines do not come with. prices on the engine run from about $400 and up right now