Lots to do and lots cheaper before you make a costly decision-
First, was the compression test done using a "Master Orifice'" compression tester as per Continental procedures?
If not find a mechanic that knows what he is doing in that regard
Secondly- follow Continental's procedures for tracking down compression leaks IF the cylinders are in fact low on compression
Any good A&P can tell you where the leakage is coming from.
IF its valve leakage do a "lap in place" procedure to try an fix the leakage without pulling cylinders. It does work many times.
Just make sure you have them replace (with new) the valve rotators when they lap the valves.
Oil burning and ring compression leakage indicates time to try the ring flush procedure that Mike Bush promotes.
Quite probably oil control rings seized
That too does work often enough to make the try worthwhile.
What is Continental's max allowed oil consumption per hour? Are you below that? If so, not to worry- just fly it and put oil in.
Just as a point of reference on my 4 cylinder Lycoming the max oil use allowed is near 3/4 qt per hour.
If in fact the cylinders need work you might consider having your own first run cylinders overhauled BY A GOOD SHOP rather than waiting a year or more for new ones. Just follow Continental's book on reassembly using the proper specified tools.
First run overhauls are usually a pretty good way to go in that you know what your cylinders have gone through. With a factory reman engine you have no idea how many hours are on the cylinders. Cylinder rework USED to be common place but for some reason now a days many shy away from such work. BTW, all A&Ps were taught how to overhaul cylinders in school! Reworking the overheads (valves and guides) was actually a shop bench job if the cylinder itself was within wear limits.
Their is nothing dangerous about cylinder work if proper procedures are followed.
You need more and correct information before you decide its time to spend lots of money.
You might consider signing up with Mike Bush for his help service.
I have no connection with him but I have spoken to him several times at seminars.
Cam problems would be low on my worry list.