In another post you stated that it blew blue smoke so your answer is probably rings, especially since the middle cyls are low compression.
Naturally it might also be valve guides that are worn.
Either way you need to pull the head and with luck it might be only a valve job and gasket set. Bad compression could be valves and oil consumption might only be valve seals.
No way of knowing'til you pull the head.
If you are lucky I believe the engine will prove to be an engine that was used in early ford ranger PU's.
Do a lot of background search on this forum and you should find the cross referances to the engine.
I do recall seeing referances to all the ignition components available from auto parts suppliers.
Good luck!