Just picked up a 1999 Roadster (non-ABS), fairly clean bike with 69,XXX on the clock. Initial start ups have been pretty smoky, the gray/white kind that hangs around. Started to clean and go through stuff and thought "what the heck, do a compression test." Got bike up to what appear to be operating temperature, but didn't take it out on the street. Pulled the plugs, pulled the fuel system relay, screwed in compression test, hit the starter. Dial on gauge jumped up to 90 PSI, but flattened out at 115 psi after about 5 seconds on the starter switch. Left and right cylinders acted exactly the same. Shot oil into both, big jump was to 100 psi, each cylinder maxed out at 125 psi. There was a healthy amount of oil residue and road grime around the bases of the cylinders before I started cleaning the bike (after the compression test.)
Question #1, book says anything below 120 psi is no good, anyone else's experiences with compression test results and anecdotes about the bikes performance, mileage would be helpful.
Question #2, could re-torque cylinder heads help in this situation?
Question #3, thought about Sea-Foam, 44K

or similar combustion cleaner through fuel and crankcase, any suggestions?
Question #4, should I just go ahead and order new piston rings and tear it down? Any other riders pull a top-end on an Oilhead? What do I need to look for. My personal experience is a lot of wrench on VW, including numerous re-builds, many Japanese cylinder heads and a lot additional wrenching.
Any thoughts or suggestions would be appreciate.