198 compression question

i have no compression on cylinder 4... erratic compression on all, ranging from 40 to 120... whell i bought the car, it had been stored for about 10 years, then a fellow college kid bought it, ran it for seven months without oil change or any maintenance (drove to burning man and back like this!). Then i bought it for $150.00, the timing was alll the way the opposite of good! carb was not adjusted at all, the 1st cyl. had a leak in the exaust mani.
What i have done: Oil change +filter, wires, plugs, tires, adj. carb. replaced pcv valve, flushed tranny, replaced vacuum hoses, fuel filter and fixed the mani. leak.
ran it about 3000 miles with 10W30 Wt. oil. i can stick my hand at the end of the tail pipe and get unburnt oil spatter. 1 quart a week added. gonna try 50 Wt. oil after next oil change... im thinking rings, or maybe a bent or stuck valve. weather hasnt permitted taking the valve cover off yet. does anyone have any other ideas? not new to cars just new to this Mopar stuff. Thank anyone in advance for replies!
:newb: