fuel wash does sounds plausable. but when you did the compression test did you do it after it sat for a while???? after it has sat for a good length of time and the oil does get washed off the cylender, it no longer seals the cylender make it it have close to 0 compression and 100% leak. once the engine gets going and there is oil there it should seal up and stop leaking huge amouints of oil. so if you would let it run for a little while then it starts smoking... i would say you don't have fuel wash. the standered symptoms of fuel wash is miss when first started, uneven cranking rythm, and the symptoms are gone once it gets warm.