What are you having done as part of this complete valve job you speak of? What led you to believe you needed a complete valve job?
If a low reading (10% or more) is measured on one cylinder, it indicates valve or ring trouble. If a wet test didn't yield significantly higher compression values, odds are you have a bad ring on #4. A valve job won't help this.
1- it smokes. the smoke isn't black (improperly burnt fuel); and it's air cooled. So, we know it's oil. It smokes less under hard throttle, so the assumption is that oil is getting past the seals and/or guides and not the rings (or at least less than is getting past the stem seals), which usually produces more smoke under load. this is how I'm pretty sure the valves need to be done (basic valve job, new seals, maybe guides, springs, retainers.....probably a new cam while I'm there).
2. If a wet test didn't yield significantly higher compression values, odds are
NOT that it's a bad ring. A wet test that doesn't improve things, indicates the problem is
NOT the ring, but something on top, such as an improperly seated (burnt, worn seat, bent, carbon) valve, or head gasket. Since #3 has good compression, but #4 does not, I doubt (but can not totally rule out) a bad head gasket. At least it's not between the two.
Who knows, perhaps I'm really lucky and it's a combination of valve seals, valve guides, a burnt valve, seats, rings and worn cylinders. I'm hoping for a single chunk of carbon on #4, with no other issues.....but there's just too much smoke for it not to be at least one other issue.