What about a leak down test to determine if it,s the valves or rings.
My understanding is ,put compressed air to each cyl.
Listen at the T.Body or carb and exhaust if you here hisssing then it's the valves
If you don"t and the compresssion slowly goes down it's rings
I am not a expert ,this is my understanding, others will jump in if I'm wrong. I need to do this to my 1.7 as a check of general condition of my engine. Dave