If I remember correctly, compression should be >175 psi for a new engine, and at 109 psi it's time for a rebuild. Mine had some oil pressure issues earlier in its life but is still >155psi across all 4 cylinders. What you want to watch out for is significant differences in compression between the cylinders, such as one being more than 15 psi below the others.
Your dipstick test sounds normal. Any oil leaks in the engine bay wouldn't be coming out of the exhaust.
If you get the PCV and connected pipes replaced and the blue smoke is still there I'd assume it's just the age of the engine, meaning the valve stems are worn, based on your description of it happening on overrun. As there is a vacuum in the combustion chamber it can pull oil through the old brittle rubber seals, and then burn it upon combustion, creating the blue smoke. It can be more apparent if on a sports cat/decat. If your oil consumption is concerning and you fix the external leaks I'd suggest switching to 0W-40 or 5W-40.