Hey everyone, I really need some experienced advice here.

My roomate (ASE Certified) and I have had headaches trying to find the problem with my motor for months now... Here is what is going on:

Every morning I go to start up the car, and it takes a few cranks for it to get going... When it does it's running so rough sometimes it registers p0301. No other codes.

We did a compression test, wet and dry and he came to the conclusion that my cylinder #1 ring is fried because it had a compression of 55 first crank and 115 wet.

He thinks it is the ring, but I am stubborn and think I have an intake valve issue going on here... He claims that since it did better with oil in it, it is the ring. The reason I think it is not the ring is this...

Every time I go to drive the car first thing in the morning, after it starts up and does it's rough idle thing, I begin to drive. The first time the RPMs go over ~3k the motor starts to misfire and I lose all power. After this happens, the motor runs FINE with just some power loss.

I smell oil after decelerating or being off the throttle for some period of time.
Cleaning out the lower plenum seems to help the problem and stop it from misfiring for a few days but it comes back.

Can anybody chime in to help me figure out what to do? If the ring is shot I need to get a second beater car, if the valves are shot I might be able to replace or rebuild the top end.

Everything has been checked... New plugs, new coil packs, crank/cam sensors checked and cleaned, maf sensor cleaned, new filter, new oil (although I can't keep it on the dip stick) new injectors, new injector o-rings, new gaskets all around, valve cover gaskets, etc... I checked all of the little things... Very frustrating.
Thanks for the help guys.