Yes it smells of burnt oil. I did a compression test a couple of weeks ago when I got out running and it was 120's and 115's.
How do you do a leak down test?
Depending on the type of compression tester you used, those numbers are encouraging. Car/truck comp testers gice lower than desired numbers when used on small engines, as they alter the compression ratio.
A leak down tester works with a compressor to supply a regulated amount of air into the engine cylinder (gauge one), when the piston is at the beginning of it's power stroke.
Gauge two reports the actual pressure maintained within the cylinder.
Leakages can me hear in the crankcase, exhaust, or intake, to note where the pressure is being lost.
Will this work for what i need? https://rover.ebay.com/rover/0/0/0?mpre=https%3A%2F%2Fwww.ebay.com%2Fulk%2Fitm%2F132011656301
Yes
Wouldn't the engine smoke out the exhaust too if the rings were shot?
Yes, it could.
A vacuum gauge sync tool measures the vacuum drawn by each cylinder through the carb. An engine "should" draw the same for each cylinder. If not, the slides can be positionally adjusted so that each cylinder can work to its optimum.
Your compression test showed that all cylinders are not equal. Therefore, the carb slides will be adjusted differently to meet each cylinders demands.
The carb sync slide positions will only be exactly equal, if each cylinder is mechanically identical with all the others. Rare that this occurs in old used/abused engines.
Cheers,