Any or all of the things you mentioned.
The first thing to check is the PCV system. Oil in the hoses?
How old are the valve stem seals? Easy enough to replace, and not horribly expensive. While the springs are off, wiggle the valve stems in the guides (don't drop a valve!) If the guides are wiped, you know to pull the heads for valve work.
Warm the engine, pull the plugs, squirt two ounces of "Top Engine Cleaner" into the cylinders. Turn the crank a full revolution (plugs OUT), then let the stuff soak the rings overnight. Next day, crank the engine to assure no hydro-lock, put the plugs back in, fire the engine, warm it up, and repeat.
All of this is useless if the rings are actually damaged, cylinders scored, etc. But it takes care of the simple issues.