1988 Jeep Wagoneer Burning alot of oil, great compression.

I just purchased a Jeep Grand Wagoneer with a Chevy 350 stroked to a 383 (5000 miles on completely new engine). About a week after I bought it, it began to burn alot of oil. Clouds of blue smoke exit the tail pipe when you put on the gas. Upon start up it will let out a small cloud of blue smoke, the engine will run fine until it warms up, once it does the oil burn becomes more pronounced (a combination of light blue smoke and actual unburned oil exiting the tail pipe) and then engine begins to run very roughly when you try to accelerate at more than a crawl. To the point where I have to put about a quart of oil in it everytime I drive it (about 20-30 miles).

The engine always runs cool, at about 180 degrees, never hotter.
I just performed a compression test with the results of 190 PSI +/- 5PSI on each cylinder which leads me to believe that the piston rings are not bad and seated properly. The engine does not leak oil anywhere.

This is about where my mechanical knowledge runs out. Would this indicated bad valve seals, a stuck valve, bad valve guides? Please help?

Also please offer any thoughts on roughly how much this might cost to fix. Should I pull the engine and bring it to a shop on an engine stand or leave it in and allow them to perform more tests.