I think he meant having blown valley gasket would it affect compression test ? No i don think so. Do a pressure test and see if any leaks. Check your water pump. I just changed my inlet gasket 2 months ago and it blew at approx 150,000k's. My symptoms were oil in the radiator. I really doubt its the head gasket. Unless from loosing water now you may have overheated them, otherwise i doubt it. Like the gentleman said, bleed it first and see how it goes. Check all your hoses etc. If your loosing water it must go somwhere, check your oil levels, is there white gunk under oil cap ? White inside on rockers etc ? Can you see the water on the oil dipstick level ? It has to to somewhere.
Manifold gasket can leak water into oil, oil into water or water outside the intake.