Hi there packer, if I remember right, compression should be between 8-10 bar. Anything below 7bar needs to be looked at. As said before there's no smoking or leaks. I always understood, smoking on load or accelerating, was rings, and smoking on over run, and when cold was valve stem seals. But she's not smoking at all. Very weird.
Smoke is unburnt oil, do you have a catalytic converter? I so it must be being burnt in there.