8BA Compression Test - Is it worth and an engine strip down?

[waynet]

Folks,
8BA engine compression test indicate No.3 = 98 psi, No.8 = 79 psi. When adding a drop or two of oil to these cylinders they rise to around 112 psi. All other cylinders hover around 112 - 115 psi when dry.

Engine starts with a couple of squirts from the throttle and a push of the button. Engine oil pressure at cold idle 30 psi - hot idle 15 psi.

Is it worth the effort to replace the piston rings? Have never done a flathead before.

Thanks for any advice.