I would do some more diagnostics before throwing parts at it. "Uses a lot of oil" - burning it? Blue smoke at first firing usually means cylinder head/valve seal issues because the engine sucks in oil from the heads - most times exhaust valve guides - when it coasts to a stop after ignition off. Cold piston noise isn't necessarily a problem. If ring seal was compromised or an oil ring not working, I think you'd see that on the plug in that cylinder.