JD D140 white smoke from engine?

I have a JD D140 22 hp engine that has 140 hours on it that uses almost a quart of engine oil in 1 1/2 hours of mowing my lawn.  It started last year using some then progressively got worse. The engine is labeled John Deere, but I've heard its ad Briggs and Stratton.  I did a compression test last year, I don't have the results with me. but if I remember they were up around 130 pounds.  The passenger side cylinder was about 10 pounds lower.  I decided its time to rebuild it.  I didn't do a compression test before pulling it out of the mower, but I did a leak down test.  The drivers side cylinder has 100% lose out of the exhaust valve and I can hear a small amount of air coming out of the oil fill.  I'm pressuring to 100 psi.  The passenger side is loosing approximately 80% out of the exhaust valve and I can hear a small amount coming out of the oil fill.  
 
How much air lose past the rings is acceptable with pressuring to 100 pounds?  I was assuming since it was smoking that bad that the rings needed replacing.  
 
Looking for recommendations.  I don't want to have to replace the rings if they are OK.

I replaced the head gaskets last year. I had read that could be the reason for smoking. Didn't help any.
 
Thanks 
 
Bob