Need help with my 2000 celica gt-s Options

[bccentaur3]

So I've noticed that my gts has gotten a bit sluggish lately and burning up oil like there is no tomorrow. To be honest I enjoy driving my 6th gen GT more than my 7th gen. Any way at WOT i would get black smoke coming out like crazy. At first I thought dang I'm running rich. Then lest say after an oil change after 3 days of regular driving all my oil is gone. I was thinking how could this be. I know its not a leak because its not and I'm blowing smoke, but its not blue smoke, so it can't be the oil could it? Well I decided to do the compression test and I got 120, 220, 170, 200. So cylinder one being 120 has to be the culprit. So I'm thinking dang my valves are screwed. But I shouldnt be burning oil that much even with a bent valve. Could this also be my piston rings? O btw I'm also having random misfires. A mechanic qouted me 1700 just for the head getting rebuilt. I honestly think the price is way too steep. I need you guys' opinion on this. Thanks for reading.