PO301 Help Tracking Down
 

2001 Ranger 3.0 XLT non-flex fuel.
PO301 (Misfire #1) still popping up. Ignition Wire check good. So it is either the injector or compression. CEL comes on, but ocassionally goes away once in awhile for about 10 minutes.

Rough idle on start up, especially when cold.
Runs okay down the highway, but feel a slight loss in power
Put seafoam in the tank the last 3 refills
Oil is being consumers at about 1 quart every 2.5 weeks (500 miles)
No smoke that I can see
No smells except a hot oil smell on passenger side (same as cylinder 1) when I lean down to get stuff out of the floor board.

Haven't performed a compression test, but have read about the valves receding into head. If that is the case is the solution to replace the head or valves or both?

What do you folks think, and am I going down the right path?