A compression check won't hurt anything and might yield a clue as to the sealing ability of the existing rings.
What color is the metal that you found? If you do have a damaged piston skirt (from some previous incident: this one would not have caused this situation), by now it will have possibly scratched the cylinder wall on that one, which means you will have low compression in that cylinder from leakage past the rings. If you find one cylinder low, squirt about a tablespoon of oil into that cylinder and test it again. If the compression jumps way up then, those rings are damaged. If it doesn't change, the valves in that cylinder are leaking.
Reasoning: if the valves are leaking, a PO may have seriously overrevved it at some point, hitting pistons and valves, which can shock off a piece of the piston, usually on the intake side. This is the side where the lowest forces exist during power stroke, so the engine often runs for a long time afterward with no significant ring damage. If, on the other hand, the exhaust side got chipped, the cylinder wall will score up pretty quickly and damage those rings. The exhaust-side breakage usually comes from poor lubrication (or too-light oil, like 10w40 in summertime) over a long time period, combined with abusive practices like a showoff might do: start the bike at the local Steak-n-Shake and immediately rev to redline to impress one's self.
The only other exhaust-side piston failures I have seen (with stock-sized pistons) came from racing situations like roadracing, where the engine is at the limit of lube and stress for long periods of time. These engines are just 'way overbuilt for normal riding, so it takes quite a bit to tear one up!
If the bike has a big-bore kit, the story changes considerably: lube is everything when running those pistons. Overly long oil changes, 10w40 oils (or less) or cheap oils can cause more problems with those kits. If it is a big-bore, you may well be facing a trip inside the engine...