Process is correct - but a compression test or a leakdown test will not reveal or explain an oil consumption problem. Those two tests are seeking information about the condition of the top ring's seal, but oil control is entirely handled by the second and the oil rings. On an old engine the assumption is that if the top ring is worn out, the others are also compromised.
Rings are still a possible problem - but they are diagnosed by process of elimination of all other possibilities.
You could pressure check the intake. Close & securely block off all vacuum ports - all of them. Remove both rocker assemblies to make certain all the valves are fully closed. Remove the carb and make or modify a plate to block off the carb opening. Using one vacuum opening or make one in that carb plate to attach the business end of a radiator pressure tester. Pump up 20 psi of pressure and look & listen for the hiss of leakage. Smoke or soapy water can help isolate the sources of the leaks. I have found leaky pushrod tubes, leaky carb studs, and leaky manifold gaskets...
