Temp sensor!
I made this nice reply to your post and being at work, this junky T1 connection dropped me before I could post, so I'll make this short and simple.
Yes, the ECU (electronic control unit) and the mpem (multi purpose eletronic module) work hand in hand to run your engine at optimum efficiency and make the necessary adjustments in oil, fuel and ignition as needed by way of information sent to it via all the sensors. So in short, your right about the temp sensor capable of causing inaccurate adjustments in the engine. I didn't read this but I'd also think there is a redundancy for this system to err to the richer side than the leaner side in the event something is faulted so there is no major engine damage. But I'd also think you'd get some kind of signal to let you know something was wrong. I know if the sensor was registering a high temp, you'd be getting a steady beep.
The compression on the other hand could be a problem. I dont' think you have a cracked head or a blown head gasket. Because your drop in compression is equal on that one bank, it would lead me to believe your reed block is out of spec. This part is not repairable. It has to be replaced and in the manual, it doesn't look like it's to hard to do. I think the open stop on it was .20 thousandths. If the compression on that bank had one cylinder low and the other two good, I'd say you may have piston rings that were going to need to be replaced soon. Or if you had one cylinder good and two bad (the two sitting side by side) then your gasket could be blown at the weakest point between the two. But this is all three on the one side. I think it's your reed block or even yet, could be a bleed line problem. One of them with a hole in it, etc....There is a test to check your bleed lines.
Go to your manual and read the chapter on your powerhead, specifically page 4A-40. This may shed a little light on your compression test. Also, if the oil smoke is caused by your reed block out of spec, it's a lot easier to replace than re-building an engine. Don't let this problem go on to long without finding the root cause of your problem. This can lead to a major failure.