...Roller Cam with OPEN chamber Heads?? How does that work? Roller builds power...Open chambers won't 'Allow' it, lose the HP.
Compression test, either No carb or Throttle Blocked Wide Open, and after shooting a couple shots of oil into cylinder, when engine is cold. Or test when Hot. Your numbers look OK, All with-in 10% of each other. I run Closed Chambers at 10.5:1 CR on 91 Octane 'Pump Gas', 118F Ambient Temperature...I Have Never had a Problem with it! This is NOT Theory! It has been Proven!
You said the engine still smokes after eliminating the PCV, Got it. You also mentioned, the Center 5/16" Bolts* were 'loose'. The Exhaust Cross-Over in the Head is Open through the Port in the Gasket, (see Pic) Oil can be Syphoned/Scavaged into the Exhaust and Burned in the system, when the gasket fails to seal the Port!
There are 7 ways a V-8 Engine will Burn Oil:
1. PCV (eliminated)
2. Head Gasket
3. Intake Gasket at the Ports or Syphoning at the Exhaust Cross-Over. (mentioned)
4. Air Cleaner (inside) Breather Hose (opposite valve cover to the PCV)
5. Valve Guides and/or Seals (mentioned)
6. Pistons and Rings
7. Ruptured (mechanical) Fuel Pump DIAPHRAM. Pump works 'So-So' and Mixes Oil into the Gasoline and is Burned. But would show on Both Sides Engines' Exhaust.
* For those who did Not receive My Memo:
When installing a Intake Manifold onto a Cleveland...first take (4) 5/16" x 3" Bolts hacksaw off the heads, or obtain 5/16" studs, hand thread them into the 4 center holes, hand snug. The Manifold will guide down onto the Gaskets, Perfectly! Remove the Studs After all other bolts have been Started. Most important, these Studs also prevent the Gaskets from Slipping Down, out of position. Pull the studs out, put the bolts in and do the final Torquing in proper sequence and in increasing levels of torque. Do NOT Over-Torque.