Hey Dom,
From my memory (been a long while since I rebuilt an engine), a low compression reading that increases with oil being injected into the cylinder is an indication of worn piston rings. That's just from my memory though, and not a mechanic by trade, so I jumped on the net and found the info below.
http://www.freeasestudyguides.com/co...cting-oil.html
The link above seems to support the worn piston rings, or maybe worn cylinder or bad piston.
http://www.popularmechanics.com/cars...test-14912158/
This link suggests that total variation between cylinders highest to lowest shouldn't exceed 10%, your figures suggest closer to 14%, so maybe some wear there. Maybe worth getting that rechecked by a good mechanic before spending any significant cash?
As to whether you can hang on to it a bit longer, I suppose it depends how it's running, whether you have any serious trips on the cards, if you have a bunch of folding stuff laying around etc etc...
Not suggesting it, but I remember my dad telling me a story years ago about his old HQ Kingswood, the red 202 blew a hole in the top of number 4 piston, he drove hundreds of miles before he fixed it, just kept stopping to refill the oil...
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