No Your rings sound fine. Smoking on deceletation is a sign of worn out valve stem seals. You are sucking oil alright, but down the valve stems into the combustion chamber. I wouldnt worry too much about it, unless it a problem for the authorities in your area. You'd have to take the head off to put new seals on the stems i believe, so if you do that, make sure you reseat the valves with some vavle grinding paste, and one of those valve lapping tools that looks like a mini plunger. Valve stem seals have nothing to do with compression, they just stop oil from being sucked down the valve stems, the same way the rear main crank seal stops oil dripping out the back of your engine. Maybe it was smoking a bit before and you didnt notice it. I've heard that most cars will smoke a bit if they've been driven like your grandma would drive it for years, they you hop in and give it a bit, even newer cars. But thats only what i've heard. I have no idea what a bleed down test with compressed air is. Also over rich mixture may cause engine smoking. I should compression test my engine.