I hope it isn't too bad...

One of my more basic problems that I have with the jeep is smoke. If it sits for 48 hours or more, and upon start, it smokes. Most noticeably in first on initiall movement. I also pulled plugs, and there is oil around threads of the 3rd and 4th cylinders. The tips of the plugs look nice and white however. I pulled compression readings a year ago or so, and if I remember they were all around 80-95ish.

I figure it is time for a new head gasket, and an overhaul to boot, but should I worry?

I add about a quart a month top-off, but some of that is leaking, as the entire engine seems to sweat oil.

 

if i dont start mine for a while .
it smokes too.
but then it goes away.
i have decent compression and just drive it with no worries.

 

That kind of smoke is usually nothing more than valve guide leakage (oil leaking past the valve guides in the head). If you take the head off to replace the gasket, see if you can have your local shop "knurl" the valve guides and this issue should go away or reduce dramatically.