The oil will burn off within a few seconds of warming the engine again. Opening the carbs up will allow the cylinders to suck in the maximum amount of air, thus giving you maximum compression readings.
One other point, if you have the option of a short hose on your compression tester, us it. A long hose will, in effect, add a significant volume to your combustion chamber. If long is all you got, then go with it, but let us know how long it is.