Rings for KB pistons 4.080

Sure... The 2nd ring is a possibility since it serves also to scrape oil off the cylinder walls, and, per the FM illustrations, the 2nd ring has a definite 'top' side. If upside down, it won't scrape the oil off properly. There is a bevel on the inner circumference, and that bevel should normally be down.

Sealed Power Premium Piston Ring Set

Or the oil ring has a problem.... perhaps in the expander. The oil wetness on #3 plug is certainly saying it is right there in that cylinder or intact runner area. You ought to be able to run this down without a full tearing down.