Your 195 psi is only the compression of the engine and has nothing to do with oil consumption.
If you wish to carry out a compression check to establish if there is any bore or oil control ring issues then a wet check may help you pinpoint the problem.
However it may be something other than worn oil control rings, perhaps valve stem oil seals.
I would get a pair of cats back on it and slightly different oil viscosity and take it from there.
Alex