At this point, I am doing a tear down - check the rings, check the amount of play in the valve guides. No more guessing.
To check the rings, I would remove them from the piston and insert them into the cylinder to test for a tight fit and check the ring gap. I would also be inspecting the cylinder walls for scores, excessive wear, etc. That being said, I never reinstall used rings once removed. But checking them would tell the story anyway. I already went through the valve guide process. If you open it up and see a worn/scored cylinder, that pretty much defines your issue - the motor is toast at that point. If that level of wear/abuse is obvious, the guides and most other metal to metal surfaces are probably out of tolerance as well. Buying a new motor is less expensive than getting it bored/honed/machine all new fitments/guides, etc., unless you're just into that kind of thing.