Thanks guys - I am going to try your suggestions. I did run the compression test with the throttle full open, ignition off, but it was a cold engine - I've already burned myself too many times to want to put the adapter into a hot block on #s 2 and 3. Still I will try and re-do the test on 1 and 4 once she's hot again.
@dave500: I did check out of round with an ID gauge and a mic and it was < 0.01mm on all 4 cylinders.
The full update for today is below
OK - today I had a chance to refill the oil, put Hondaman's ignition back in the circuit, wheel her outside and adjust the timing dynamically. She was very close but needed a little tweak (was slightly retarded). A small rotation and another check with the strobe and she's spot on, maybe 1 degree off, max.
A plug for the Hondaman Ignition: after adding it in, she started on the first push of the starter. No teasing required.

After about 10 minutes of running the engine and testing it, she doesn't seem to have dropped the oil level in the tank, though the level is a bit higher than I would like right now (even with the oil temp about 80F, ambient is 70F).
She's still blowing blue smoke at a steady pace, increasing in volume with more throttle applied. However upon first startup, there was no oil at all - it took about 30-60s before blue smoke started coming out.
I'm also getting a little smoking from the manifold, but this is my own fault: it smells like burnt paint. I used a heat resistant primer and middle coat, but I risked applying a silver top coat that wasn't heat resistant. And surprise! Guess I know how that work out now

My one place to skimp, I couldn't see ceramic coating a header in this condition for more than it'd cost to get a brand new header.
Ran out of time due to work running over, so tomorrow I'll rider her around the neighborhood at reasonable speed and low RPMs and see what happens. I'm hoping that 10-100 miles of riding will sort her out, even if I go through a quart or two of oil.

If she's still burning oil after that, guess I'll pull the cylinders.
One last thing: she decided to start running a bit rough towards the end of the test. I'm going to assume this is due to oil in the cylinders, since the smoke didn't decrease with time. I'll be sure to take a mobile phone with me while on these test runs

More tomorrow. Feeling a bit more upbeat.