Bad seals/guides generally will smoke on start up. His isn't.
I agree w/those who suspect ring seal. There's a chance the bore is scored or a low tension ring was accidentally installed, or the second ring was installed upside down. Just because the bad hole showed relatively high compression doesn't necessarily mean all is well- a wet cylinder will seal relatively well even w/wear if it's wet w/oil.
You have quite a swing between high and low on the compression test- sounds like it may be time to freshen it up.